Gold dips after two-week high
Gold prices declined from their two-week high recorded in the previous session, amid rising oil prices and escalating tensions in the Middle East. The focus remains on the Federal Reserve meeting to assess the likelihood of interest rate hikes. The spot price of gold settled at $4,132.01 per ounce after reaching $4,165.87, the highest level since July 7. Meanwhile, US gold futures declined by 0.4%. The rise in oil prices was driven by US strikes on Iran and the targeting of oil tankers by the Houthis, which heightened concerns about inflation and the possibility of US interest rate increases. It is expected that rates will remain at current levels next week, amid mingled movements in the precious metals markets.
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