Gold Sustains Third Weekly Drop

Gold prices experienced a sharp decline during Asian trading sessions, dropping by 1.8% to reach $4,134.86 per ounce. August futures contracts also fell by 2.2% to $4,152.25. This comes amid a steady US dollar and expectations of the Federal Reserve raising interest rates, which increases the cost of holding gold and leads to a decline in its price, despite some dipped expectations of a temporary peace agreement between Washington and Tehran. Although gold initially rose earlier in the week due to optimism about a potential deal, Federal Reserve statements regarding tightening monetary policy put pressure on prices.

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