Gold prices slide for seventh day on rate hike concerns

Gold prices extended their losing streak on Thursday, marking a seventh consecutive session of declines. The downturn is primarily driven by escalating conflict in the Middle East, which has propelled energy prices higher and reignited inflation fears, leading investors to expect that major central banks will keep borrowing costs elevated for longer. Spot prices for the yellow metal dropped 5.5% to $4,552.38 per ounce by 8:46 a.m. ET, hitting their lowest point since early February. In the United States, gold futures for April delivery fell 7% to settle at $4,554.70.