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Gold fell as traders monitored progress in talks between the United States and Iran and comments by Federal Reserve officials for clues on how energy costs will influence the path forward for interest rates.
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Bullion dropped to trade below US$4,300 a ounce, while a gauge of the U.S. dollar rose to the highest since July. Several Fed policymakers have voiced concerns about the outlook for inflation since the central bank hiked rates last week for the first time in three years. Higher rates and a stronger greenback are negative for gold as it pays no interest and is priced in the U.S. currency.
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Brent crude snapped five days of declines as investors tracked a renewed focus on diplomatic efforts to end the U.S.-Iran war. President Donald Trump flagged progress in U.S. talks with Iran. The discussions were the first between the two countries since around mid-June, shortly after the signing of a short-lived truce.
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Meanwhile, Fed Governor Michael Barr said further interest rate increases are likely needed to return inflation to the central bank’s two per cent target.
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Gold has been dictated by the Fed’s rate outlook in recent weeks as investors assess whether elevated energy prices will keep inflationary pressure strong enough to prompt further Fed rate increases.
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Separately, the latest data showed U.S. business activity rose at the fastest pace in more than five years as robust demand pushed up new orders and employment at manufacturers and service providers.
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Spot gold fell 1.6 per cent to US$4,290.54 an ounce at 11:18 a.m. in New York. Silver declined 3.5 per cent to US$64.7231 an ounce. Platinum and palladium were also lower. The Bloomberg Dollar Spot Index, a gauge of the U.S. currency, was 0.5 per cent higher.
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—With assistance from Yihui Xie and Jack Ryan.
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