Gold prices rise globally but head toward their largest weekly loss in six weeks
Gold prices increased today by 0.5%, reaching $3,988.20 per ounce. However, it is facing the threat of its biggest weekly loss in six weeks, having declined by 3.2% since the start of the week due to escalating tensions between the United States and Iran, along with rising oil prices that have increased by about 12% this week. This situation heightens inflation risks and boosts the likelihood of a U.S. interest rate hike to 73% in December. Gold is negatively affected by rising interest rates, while the escalation in the Middle East continues to put pressure on the markets.
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