Gold declines 0.7 percent weekly

Gold prices recorded a weekly decline of 0.7%, with the spot price dropping to $4,165.12 per ounce. This decline was driven by expectations that the U.S. Federal Reserve will raise interest rates again this year, following the release of inflation data that exceeded expectations and the largest increase in producer prices in four and a half years. Although gold is traditionally considered a hedge against inflation, rising interest rates diminish its appeal since it does not generate yields. Other precious metals also declined, with silver falling by 0.7% and palladium by 1.1%, while platinum remained steady.

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