Gold drops after 7-week high

Gold prices declined after reaching their highest level in seven weeks, as investors took profits following weaker-than-expected US employment data. Spot gold fell to $4,322.28 per ounce, with expectations that it will remain supported above the $4,300 level in the near term, especially with prospects of steady US interest rates amid declining chances of a rate hike. US gold futures also dropped by 0.4%. These developments come as markets await US inflation data, which could influence interest rate decisions, amid ongoing geopolitical tensions in the Middle East and their potential impact on oil and gold prices.

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