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Gold falls on likely interest rate hikes


Jerome Powell said that more rate rises likely lie ahead for the central bank, and did not rule out a boost in the cost of borrowing at a policy meeting scheduled for the end of July.


Gold prices in the international market traded lower on Thursday, extending their fall for the third-straight session, after Federal Reserve Chair Jerome Powell reiterated a hawkish stance indicating more interest rate hikes going ahead.


Spot gold was little changed at $1,906.45 per ounce, lingering near its lowest since mid-March. US gold futures fell 0.4% to $1,914.70.


Powell said that more rate rises likely lie ahead for the central bank, and did not rule out a boost in the cost of borrowing at a policy meeting scheduled for the end of July.


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