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Despite traders' uneasiness over higher interest rates, gold maintains gains
FOX Business Flash top headlines for March 21
Here are your FOX Business Flash top headlines for March 21.
Spot gold maintained gains Tuesday as traders questioned the expectation of rising interest rates against the metal’s appeal as a good value.
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Gold was higher by as much as 0.8% earlier in the day, Bloomberg reported, as higher oil prices fueled inflation fears and a decline in U.S. equities resulted in demand for the metal.
However, gold pared gains after Fed Chair Jerome Powell said the central bank will take the "necessary steps" to lower inflation even if that means increasing interest rates more rapidly than currently anticipated.
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Gold futures were trading at $1,940, up $5.40 early Tuesday morning.