India, May 1 -- Prices of the yellow metal decreased on Friday as markets digested the likelihood of interest rates remaining high for longer than expected, owing to the unresolved geopolitical situation in the Middle East.
Gold has been pressured by the energy price shock triggered by the Middle East war as both the crude oil price benchmarks have jumped more than 80 percent on a year-to-date basis. Fears of a fuel-led inflationary spiral have ignited hawkish hints from major central banks and worries about an increase in the general interest rates.
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