Gold heads for biggest weekly loss in six weeks amid inflation concerns
Gold is heading toward its biggest weekly loss in six weeks due to escalating tensions between the United States and Iran, as well as rising oil prices, which increased inflation pressures and boosted expectations of a U.S. interest rate hike. The yellow metal reached its lowest level since early July, declining 3.2% over the week, despite the U.S. June inflation report coming in below expectations. Other precious metals, such as silver, platinum, and palladium, also declined and are on track for weekly losses.
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