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Internationally Gold Holds Decline On FED Rate Hike

Gold : Internationally Prices of gold traded below $1,700 an ounce on Monday, holding its recent decline after robust US employment data cemented expectations that the US Federal Reserve will continue raising interest rates aggressively to tame surging inflation.

The nonfarm payrolls report showed that the US economy added 263,000 jobs in September, exceeding expectations for a 250,000 gain, while the unemployment rate fell to a historic low of 3.5%.

New York Fed Bank President John Williams also said on Friday that rates need to rise to around 4.5% over time depending on how the economy performs.

The dollar and Treasury yields extended their winning streaks after the data release, pressuring gold prices. Investors now look ahead to US inflation data on Thursday, and another upward surprise could drive further losses on the metal