Gold Prices Likely to Stay Under Pressure in Near Term, Says Analyst

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Gold prices are expected to face continued downward pressure in the near term, according to Praveen Singh, Head of Currencies and Commodities at Mirae Asset ShareKhan. The primary driver behind this outlook is growing fears of further interest rate hikes, which have been strengthening the US dollar. A stronger dollar typically makes gold more expensive for foreign buyers, dampening demand and weighing on prices. Investors and traders are being advised to factor in this bearish near-term outlook when making decisions related to the precious metal.

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