Gold prices fall amid rate hike worries

Gold prices declined today, Friday, heading for a weekly loss of 3.2%, due to concerns about inflation and the possibility of the U.S. Federal Reserve raising interest rates. The spot price of gold dropped by 0.5% to $4,191.17 per ounce, while U.S. gold futures rose by 2.4% to $4,212.70, as markets monitored geopolitical developments and the prospects of interest rate hikes by the Federal Reserve. Since the outbreak of the war with Iran, gold has lost approximately 20%, driven by rising energy costs and expectations of higher interest rates.

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