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Gold reaches $4,307, eyes 2% weekly drop
Gold prices have risen by over 0.5%, reaching $4,307 per ounce, supported by the strength of the dollar and expectations of continued interest rate hikes by the U.S. Federal Reserve, despite recording a weekly loss of around 2%. This comes amid global market volatility due to escalating military tensions in the Middle East, rising oil prices, and anticipation of the course of U.S. monetary policies, especially after a 25 basis point increase to the interest rate range of 3.75% to 4%. Concerns persist about the impact of rising energy costs on inflation, as tensions between the United States and Iran escalate, reflecting market turmoil and its effect on precious metals.
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