Gold Struggles Amid Oil Market Pressure

Gold prices declined today, Thursday, from their highest levels in two weeks, due to rising oil prices and escalating conflicts in the Middle East, including American strikes on Iran and attacks on oil tankers in the Red Sea. The gold price stabilized at around $4,132 per ounce after reaching its highest level since July 7. Meanwhile, oil prices rose to their highest in over six weeks, increasing inflation pressures and expectations of a U.S. interest rate hike. Traders are now focusing on the Federal Reserve meeting next week, with a 77% chance of a rate increase in September, although the European Central Bank may stay with its current policy unchanged.

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