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30.06.202602:08:08UTC+00Gold Set for Fourth Straight Monthly Decline

Gold fell below $4,000 an ounce on Tuesday, hitting its lowest level in nearly eight months and heading for a fourth straight monthly decline, pressured by uncertainty in the Middle East and expectations of further US interest rate increases this year. The metal has dropped more than 12% so far this month and around 15% over the quarter.

Futures markets continue to factor in three Federal Reserve rate hikes this year, with the first move potentially coming in September. Investors are now awaiting the latest US monthly employment report for fresh signals on the Fed’s policy path.

On the geopolitical front, the United States and Iran are set to resume peace talks in Doha, Qatar, later today, though the outlook for a durable ceasefire remains unclear. A key sticking point is Tehran’s renewed insistence on overseeing traffic through the Strait of Hormuz, even if Oman declines to participate in such an arrangement.

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