Gold prices drop on rising yields and inflation fears
Gold prices fell to $4,619.61 on Friday, marking a 2% weekly loss as higher oil prices boosted yields. Investors are now scaling back rate cut expectations.
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Gold fell 0.6% to $4,619.61 per ounce, marking a 2% decline for the week. Gold reached its lowest level since May 6 as Brent Crude Oil rose 5.6% this week to exceed $106 per barrel. Rising energy costs fuel inflation fears, prompting investors to price in higher interest rates from the United States.
