Gold covers Middle East escalation costs and drops to new price levels

Gold prices dipped slightly, with spot transactions decreasing by 0.6% to around $4,034 per ounce. Ongoing tensions in the Middle East continue to escalate, leading to higher oil prices, which in turn heighten inflation concerns and impact the gold market. Although U.S. inflation eased in June, markets still estimate a 73% probability that the Federal Reserve will raise interest rates in December.

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