Gold Registers Weekly Loss Amid Inflation Concerns and Interest Rate Hike Expectations

Gold prices declined on Friday, heading towards a weekly loss driven by inflation fears and expectations of a US interest rate hike. By 02:52 GMT, spot gold fell by 0.5% to $4191.17 per ounce, on track for a 3.2% weekly loss. In contrast, US gold futures for August delivery rose by 2.4% to reach $4212.70. Notably, gold had dropped to its lowest level in over six months on Thursday, before recovering to close higher at $4219.69. This rebound followed the cancellation of planned military strikes against Iran by then-US President Donald Trump and his hint at a potential peace deal.