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Gold slips toward 2-1/2-month lows as Fed rate hike looms

Gold prices slipped 1% toward 2-1/2-month lows on Monday as investors braced for a large interest rate hike by the U.S. Federal Reserve, as it seeks to contain soaring inflation, denting the zero-yield bullion’s appeal. “Calls for more and more rate hikes by Fed officials has been setting the tone in the gold market lately, and that also pushed up the yields on 10-year TIPS (Treasury Inflation-Protected Security) recently… This is providing the biggest headwind for gold taken together with a quite a strong U.S. dollar,” said Julius Baer analyst Carsten Menke. The U.S. central bank’s Federal Open Market Committee is scheduled to begin its two-day meeting on May 3 and announce its decision the next day.

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