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Gold declines slightly amid steady dollar
Gold prices experienced a slight decline as the US dollar remained strong after weak economic data reduced expectations of a Fed interest rate hike in October. While the dollar index rose by 0.6%, gold prices fell by 0.3% to reach $4,131.61 per ounce. Market expectations still indicate an 88% chance that the Federal Reserve is prepared to raise interest rates in December, despite the drop in the likelihood of a hike in October to 18%. Additionally, the market is paying close attention to the impact of geopolitical tensions, such as Yemen's campaign against the Houthis, and how oil price fluctuations are influencing inflation. Other metals, like silver and platinum, saw gains, while palladium declined amid global market fluctuations.
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