Last week, the price of gold advanced to its highest figure since last month as expectations for an increase in interest rates rose. It is expected that later this month, the U.S. Federal Reserve will hike interest rates in a bid to curb inflation. Higher rates of interest dampen nonyielding assets such as gold, because they increase the opportunity cost of holding bullion.
Meanwhile, the U.S. dollar diminished in value against its rivals, which made dollar-priced bullion less expensive for overseas traders. In a recent interview…
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