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Gold prices are rebounding from last week’s dip with prices holding strong above a key resistance level as markets continued to be buffeted by red hot inflation and rising interest rates.

With persistently high levels of inflation stubbornly remaining in place despite Federal Reserve moves to try and suppress the 40-year-high, the precious metal looks to be establishing a starting point for a rally to its own record highs. It’s currently holding steadfast at £1,504 ($1,840), comfortably above the resistance marker of £1,496 ($1,830) and could be about to move higher as recession worries continue to weigh heavily on investors.

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