Gold heads for weekly loss amid rising tensions between Washington and Tehran

Gold prices declined during Friday's trading session, amid rising tensions between the United States and Iran, which heightens concerns over inflation increases and continued interest rate hikes. The spot price of gold fell by 0.2% to $1,413.29 per ounce, with traders expecting a weekly loss of approximately 1.5%. Despite temporary upward movements, precious metals are awaiting the impact of geopolitical tensions and Federal Reserve policies, as the likelihood of a rate hike in September increases—an outlook that could diminish gold’s appeal as an inflation hedge.

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