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Gold faces its biggest weekly decline since early June amid inflation concerns
Gold prices rose by 1% on Friday, reaching $4,011.29 per ounce in spot transactions. However, they are on track to post their biggest weekly loss since early June, approximately 2.6%. This comes amid escalating tensions between the United States and Iran, which have heightened inflation concerns and driven energy prices higher, reinforcing expectations of a rate hike by the Federal Reserve. Gold futures increased by 0.7% to $4,018.80 per ounce, and the dollar rose for the second consecutive session, adding to the cost of the precious metal, which is often viewed as an inflation hedge. Other precious metals also saw gains: silver rose, while platinum and palladium declined. Markets anticipate that this escalation will push tensions to lead to further increases in interest rates.
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