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Gold Faces Biggest Loss in Six Weeks Amid Inflation Concerns
The article reviews the stability of gold prices today, Friday, despite its trend towards recording the largest weekly loss in six weeks, due to escalating tensions between the United States and Iran. This has led to higher energy prices and increased inflation fears. The spot gold price has fallen to around $3,970 per ounce, with US futures declining by more than 3% since the start of the week. The dollar has risen for the second consecutive session, further increasing the cost of this precious metal. Following these developments, concerns have grown about the continued rise in US interest rates, especially amid the U.S. escalation of its military campaign against Iran. Iran responded with attacks on American bases, causing Brent crude oil prices to rise by over 14% during the week. Experts expect inflation to remain high, fueling projections of interest rate hikes and a potential decline in gold prices by as much as 25% since late February, amidst ongoing geopolitical tensions.
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