Gold prices fell on Friday and were on track for a weekly loss as escalating military tensions between the United States and Iran fueled concerns that higher inflation could prompt the Federal Reserve to maintain a hawkish monetary policy stance.
The US dollar index fell 0.15% to 100.77.
Change in Precious Metal Prices
Metal
Price ($/oz)
Change ($)
Change (%)
Gold (Aug. futures)
4125.70
15.10)(
(0.35%)
Spot gold
4114.40
(9.24)
(0.20%)
Silver (Sep. futures)
60.74
(0.01)
—
Spot silver
60.25
+0.29%
+0.50%
Spot platinum
1635.04
+19.03
+1.20%
Spot palladium
1269.18
+15.73
+1.25%
*At 8:17 am KSA time
Iranian military strikes on US-linked targets, following US attacks on coastal provinces in southern and eastern Iran, heightened inflation concerns and reinforced expectations that the Fed could raise interest rates later this year.
According to CME Group’s FedWatch tool, markets are currently pricing in a 63% probability of a rate hike at the Fed’s September meeting, up from about 54% a week earlier.
Gold prices fell on Friday and were on track for a weekly loss as escalating military tensions between the United States and Iran fueled concerns that higher inflation could prompt the Federal Reserve to maintain a hawkish monetary policy stance.
The US dollar index fell 0.15% to 100.77.
Change in Precious Metal Prices
Metal
Price ($/oz)
Change ($)
Change (%)
Gold (Aug. futures)
4125.70
15.10)(
(0.35%)
Spot gold
4114.40
(9.24)
(0.20%)
Silver (Sep. futures)
60.74
(0.01)
—
Spot silver
60.25
+0.29%
+0.50%
Spot platinum
1635.04
+19.03
+1.20%
Spot palladium
1269.18
+15.73
+1.25%
*At 8:17 am KSA time
Iranian military strikes on US-linked targets, following US attacks on coastal provinces in southern and eastern Iran, heightened inflation concerns and reinforced expectations that the Fed could raise interest rates later this year.
According to CME Group’s FedWatch tool, markets are currently pricing in a 63% probability of a rate hike at the Fed’s September meeting, up from about 54% a week earlier.
