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Gold drops more than 1% as risk appetite grows

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Gold drops more than 1% as risk appetite grows

A view of ingots of 99.99 percent pure gold, which are placed in a workroom, at Novosibirsk Refining Plant, Russia’s leading gold refining and bar manufacturing plant, in Novosibirsk, Russia on Sept. 15, 2023.

Alexander Manzyuk | Anadolu Agency | Getty Images

Gold prices fell more than 1% on Monday, hurt by a risk-on rally in equities and profit-taking by investors after a sharp rally in the previous session over expectations that the U.S. Federal Reserve could cut interest rates in September.

Spot gold was down 1.5% to $2,354.59 per ounce, after rising to its highest level since May 22 on Friday. U.S. gold futures slipped 1.5% to $2,362.70.

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