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Gold faces its largest weekly decline in six weeks

Gold faces its largest weekly decline in six weeks

Gold prices face their biggest weekly loss in six weeks, declining by 3.2% since the start of the week. This comes amid escalating tensions between the United States and Iran, which have caused oil prices to rise by about 12% since the beginning of the week, increasing inflationary pressures and the likelihood of a US interest rate hike. Despite a 0.5% increase in gold prices during Friday’s trading to reach $3,988.20 per ounce, the impact of geopolitical tensions and inflationary pressures continues to hinder its recovery. Market expectations of a 73% chance of a rate hike in December are putting pressure on the precious metal and causing other metals to decline as well.

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