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24.09.202613:01:16UTC+00Gold Prices Slip as Strong US Data Fuels Fed Tightening Bets

Gold prices slipped to around $4,280 an ounce on Thursday, moving closer to their lowest level since early August, pressured by expectations that the US Federal Reserve may further tighten monetary policy. Mounting inflationary pressures in the US, together with signs of a resilient economy, have reinforced forecasts of another rate increase, with traders ramping up bets on a second consecutive hike in late October. Downward pressure on gold intensified as the dollar climbed to its strongest level in two months, after data showed US business activity expanding at its fastest pace in more than five years. At the same time, weekly jobless claims fell to their lowest level in nearly six decades, underscoring the strength of the US labor market and further bolstering the case for tighter policy. Elsewhere, oil prices extended gains as diplomatic talks between the US and Iran showed no tangible progress, heightening concerns over potential supply disruptions.

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