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Gold faces biggest weekly decline in a month and a half amid inflation concerns
Gold prices are heading toward their biggest weekly loss since June, due to escalating geopolitical tensions between the United States and Iran, and a roughly 12% rise in oil prices this week. The increase in oil prices has reignited inflation fears, which in turn heightens the likelihood of a US interest rate hike, currently seen as a 73% chance in December. Although the US inflation index decreased in June, tensions in the Middle East and oil price pressures have led to selling pressures on gold, with the yellow metal losing 3.2% since the start of the week. Additionally, other precious metals such as silver, platinum, and palladium have also declined, and it appears that this trend will continue unless geopolitical fears subside or expectations for rate hikes change.
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