Gold sees biggest drop in nearly two months as U.S. dollar surges

Gold prices on Thursday saw their biggest drop in nearly two months while snapping a five-day winning streak as a surging U.S. dollar weighed on precious metal prices.

Price action

Market drivers

The U.S. dollar continued to climb on Thursday, driven by the Federal Reserve’s projections showing it intends to keep its policy interest rate above 5% through 2024.

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