Gold Gains as Brent Falls Amid Middle East Focus

Gold prices rose on Friday in response to Brent crude oil retreating below $100 per barrel and investor analysis of developments in the Middle East searching for signs of inflation risks associated with rising U.S. interest rates. Spot gold increased by 0.6% to reach $4,073.23 per ounce, after a 2% decline on Thursday. Meanwhile, August U.S. gold futures rose to $4,075.90. Investors expect the Federal Reserve to hold interest rates steady at its upcoming meeting, with an 80% chance of a rate hike in September, supporting gold's rise. Conversely, Brent crude fell by about 4% after optimism that pushed it above $100 for the first time since May, driven by U.S. threats of military retaliation over Houthi attacks on oil tankers in the Red Sea. It is worth noting that gold has declined approximately 23% since the escalation of the US-Iran war in February, and rising interest rates typically hinder gains in the yellow metal, which is viewed as a hedge against inflation.

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