Gold reaches strongest weekly gains since January
Gold prices stabilized near $4,235.57 per ounce, achieving weekly gains of 4.8%, the largest since January, supported by falling oil prices and expectations of reduced tensions between Iran and the United States. Investors are awaiting U.S. July employment data to reassess interest rate expectations, which have a 55% chance of being raised in September. Meanwhile, the Federal Reserve kept interest rates unchanged at 3.5-3.75%. Other precious metals such as silver, platinum, and palladium declined slightly, amid ongoing tensions in energy markets and inflation.
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