Gold climbs to $4,240 amid rate hike worries

Gold moved within a narrow range near $4,240 per ounce as tensions in the Gulf escalated. Reports indicated that Iran targeted sites in the Strait of Hormuz and attempted to prevent the passage of American and Israeli ships. Despite this, gold prices are still on track to achieve a weekly gain of approximately 5%, supported by hopes of reopening the maritime passages in Hormuz and expectations of a decrease in tensions. However, the possibility of a 60% chance of interest rate hikes by the Federal Reserve in September due to potential inflation increases is exerting pressure on the precious metal. Meanwhile, spot gold prices declined slightly by 0.1% to $4,233.95, and silver fell by 0.5%. The prospects of raising U.S. interest rates are restraining gold's upward movement.

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