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Gold declines 4.3% this week
Gold prices experienced a sharp decline of 4.3% during the weekend, with prices falling due to strong U.S. employment data that reinforced expectations of prolonged interest rate hikes. Spot gold dropped to $4,341.52 per ounce, and futures also declined by 3.1%. Since the start of the conflict between the United States and Iran in February, gold has recorded losses of over 16%, amid concerns over rising borrowing costs and the diminished appeal of gold as a safe haven. Inflation fears have intensified due to rising energy prices, along with an increased likelihood of a U.S. interest rate increase in December, now at 68%.
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