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Gold declines for sixth consecutive week amid inflation concerns
Gold prices have declined in recent weeks, recording the largest weekly loss in six weeks. This decline is driven by rising oil prices and increasing fears of inflation due to tensions between the United States and Iran, which heighten the likelihood of a U.S. interest rate hike. The spot price of gold increased by 0.6% to reach $3,993.22 per ounce, despite having previously hit its lowest level since early July. Additionally, August gold futures rose by about 0.1% to $3,996.90. Other precious metals also faced declines: silver decreased slightly by 0.1% to $55.45, platinum fell by 1.9% to $1,586.63, and palladium declined by 1% to $1,237.47. All three metals continued to suffer weekly losses.
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