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Growing pressure on gold has brought the price of the metal closer to $1,650
Gold prices are under pressure near key support levels since the dollar managed to stabilize after recent losses.
Both gold and the US dollar stayed within the tight trading ranges seen recently amid growing uncertainty over the course of US monetary policy. While hopes for a potential dovish tilt by the Federal Reserve somewhat impacted gold prices last week, markets are still looking to the Federal Reserve to hike 75 basis points in November with a high probability.
Gold has been particularly impacted this year by rising US interest rates as the opportunity cost of owning gold rose. This year, gold has definitely lost its appeal as an inflation hedge and safe haven.
The pressure on metal prices is expected to continue in the near future if US interest rates continue to rise.
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