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$$c^2d\tau^2=\left(1-\frac{r_s}{r}\right)c^2dt^2-\left(1-\frac{r_s}{r}\right)^{-1}dr^2-r^2\left(d\theta^2+\sin^2\theta d\phi^2\right)$$

by setting ##dr=d\theta=d\phi=0## to give:

$$\frac{d\tau}{dt}=\left(1-\frac{r_s}{r}\right)^{1/2}$$

where the Schwartzschild radius ##r_s=2GM/c^2##.

If the clock is running slowly compared to a distant clock is this equivalent to the clock having a lower energy compared to a distant clock?

If the clock was an atomic system then the frequency of its oscillation would be less near the massive object. As energy is proportional to frequency for atomic systems then I would have thought that this would imply that the energy of the atomic system would be less near the massive object than it was far away.