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Gold edged higher after a weekly drop, before a Federal Reserve meeting midweek where policymakers are expected to reaffirm their stance for higher-for-longer interest rates.
Gold has climbed more than 13% this year, hitting a record earlier this month, despite the timeline for Fed cuts being pushed back. The US jobs report on Friday will also be critical for markets this week. The precious metal’s ascent over the past two months has been linked to central-bank purchases, robust demand from Asian markets especially China, and elevated geopolitical tension from Ukraine to the Middle East.
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