Gold experiences its biggest weekly decline since early June

Gold prices experienced their largest weekly decline since early June, falling approximately 2.6% amid rising military tensions between the United States and Iran. This escalation led to higher energy costs and fears of inflation, reinforcing expectations of tighter monetary policies and increased U.S. interest rates. Subsequently, gold prices rose to $4,023 per ounce before retreating at the end of the week after hitting their lowest point since June 30 at $3,953. The strength of the dollar and a rise in oil prices also put downward pressure on the metal. Bets on continued monetary tightening, expectations of interest rate hikes during Federal Reserve meetings, and rising oil prices contributed to gold’s decline, despite attempts at recovery.

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