Gold prices suffer worst monthly drop in over a year as rate-hike concerns take center stage

With fears that the U.S. Federal Reserve would continue to raise interest rates and a stronger dollar weighing on its appeal, gold prices on Tuesday were poised for their largest monthly decline since June 2021. Although gold prices reached their highest point since April 2022 in early February, they soon changed direction, with strong economic data boosting expectations of more rate hikes, causing bullion to fall over 5% this month.

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