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The price of gold fell to its lowest level in the past three-week period, following last week’s surge to a record high.

Today’s decline sees the commodity fall for a second straight day, and comes ahead of tomorrow’s U.S. inflation report.

In addition to the consumer price index (CPI), the Federal Reserve will be holding its monthly meeting, where it is expected to keep rates unchanged.

Many believe that the hiking cycle could be over, with policy easing starting towards the end of Q1 2024.

XAUUSD bottomed out at $1,980 on Monday.


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