Gold prices rose today but are approaching losses for the second year in a row, as interest rate increases by the US Federal Reserve have seriously weakened the attractiveness of the irrecoverable metal.

By 13:25 Moscow time, spot contracts for gold rose by 0.22% to $1818.66 per ounce.

While US gold futures fell 0.1% to $1,824,560 an ounce, according to Bloomberg data.

Gold is moving towards a 0.6% annual decline with the emergence of the US currency as the preferred safe haven amid huge interest rate hikes by the US Federal Reserve (US Central Bank).

Source: RT + Bloomberg

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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