Gold Drops Amid Oil Rise and Rate Hints
Gold prices declined today due to rising oil prices and increasing hints of a potential US interest rate hike. Following the escalation of the war in the Middle East and Brent crude oil surpassing $90 per barrel, concerns about inflation grew, while US Federal Reserve officials indicated the possibility of raising interest rates to curb price pressures. The spot price of gold dropped by 0.4%, reaching $4,000.55 per ounce after hitting its lowest level in two weeks, and it lost 2.5% over the week. Meanwhile, August gold futures fell by 0.3% to $4,005.9.
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