Gold heads for first weekly decline in five weeks
Spot gold fell to 4683 dollars an ounce on Friday as rising oil prices fueled inflation concerns. The metal is set for a 3% weekly loss amid a stronger dollar.
Gold prices are heading toward their first weekly decline in five weeks as a geopolitical deadlock between the United States and Iran keeps energy markets volatile. Spot gold dropped 0.2% to $4,683.23 per ounce on Friday morning, marking a nearly 3% retreat for the week after hitting its lowest levels since mid-April.
The precious metal's struggle for momentum coincides with a significant rally in the energy sector. Brent Crude Oil prices have surged approximately 18% this week, holding above $105 per barrel due to fears of military escalation and potential disruptions in the Strait of Hormuz. Independent analyst Ross Norman noted that the decline in bullion has mirrored the rally in oil.
