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البلاد
Gold prices hit two-week low
Gold prices dropped to their lowest level in about two weeks, declining by 0.8% in spot transactions to $4,417.04 per ounce, amid rising expectations of a U.S. interest rate hike as the Federal Reserve acknowledges the need for monetary tightening to ease inflation pressures. Tensions in the Middle East, particularly the attacks on the island of Kharg, a key center for Tehran, also pushed up oil prices and increased inflation concerns, affecting the gold market as a hedge against inflation. Outlooks indicate a 60% probability of the Fed raising interest rates in September, with investors awaiting weekly U.S. employment reports. In addition to gold, other precious metals also declined: silver at $66.10, platinum at $1,797.03, and palladium at $1,386.96.
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