Gold heads toward biggest weekly loss in 6 weeks
Gold prices have declined significantly this week, recording the biggest weekly loss in six weeks. This decline was driven by escalating tensions between the United States and Iran, which led to rising oil prices and increased inflationary pressures, thereby boosting the likelihood of a U.S. interest rate hike. Although gold rose by 0.5% to approximately $3,990 per ounce in Friday’s trading, it has fallen by 3.2% since the beginning of the week—the largest drop since early June—amid ongoing geopolitical concerns in the Middle East and their impact on the markets.
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