Gold falls to two-week low

Gold prices have fallen to their lowest level in about two weeks, with the spot price dropping by 0.8% to $4,417.04 per ounce, and U.S. futures declining by 1.4% to $4,466.80. This comes after Federal Reserve Chairman signals suggesting a potential need to raise interest rates to contain inflationary pressures. Concerns over inflation resulting from the escalation in the Middle East, along with a 60% chance of a rate hike in September, have led to reduced demand for gold, which is traditionally seen as an inflation hedge. Meanwhile, inflationary pressures are intensifying, and oil prices are rising. Precious metals also experienced declines: silver fell by 0.4%, platinum by 1.3%, and palladium by 2.5%.

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