Gold hits one-week low on interest rate worries
Spot gold fell to $4,697 on Thursday as rising oil prices fueled inflation fears. Investors expect the Federal Reserve to maintain higher interest rates longer.
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Gold prices retreated to a more than one-week low on Thursday as geopolitical tensions in the Middle East sparked fears of persistent inflation, potentially delaying interest rate cuts. Spot gold declined 0.9% to $4,697.06 per ounce, while U.S. gold futures for June delivery settled 0.6% lower at $4,724.
