Gold dips close to $4,030 amid inflation fears

The price of gold has decreased significantly, approaching $4,030 per ounce, due to rising oil prices and expectations of a US interest rate hike. As a result, gold futures declined, and spot transactions fell by 0.4%. Despite this decline, gold has achieved a slight weekly gain of 0.4%. Market observers anticipate increased short-term volatility, especially as markets await the Federal Reserve’s meeting next week, where it is likely to consider raising interest rates in September. Additionally, oil prices surpassing $100 for the first time since May raise inflation concerns, which negatively impact the attractiveness of gold as a safe haven—particularly given the ongoing rise in interest rates, reducing the appeal of non-yielding assets.

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