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Shafaq News<\/p>\n
Gold extended losses on Friday after falling 2% \u200cin the previous session, as Brent crude’s move back above $100 a barrel stoked inflation concerns and strengthened the case for higher interest rates ahead of a Federal Reserve policy meeting next week.<\/p>\n
Spot gold eased \u200b0.4% to $4,030.09 per ounce by 0333 GMT, with prices down more than $130 from a two-week \u200bhigh hit on Wednesday. U.S. gold futures for August delivery were \u20600.4% lower at $4,033.20.<\/p>\n
Bullion was on track for a small weekly gain of 0.4%.<\/p>\n
“In the short \u200bterm, we expect more volatility… gold has been trading between $3,980 all the way to about $4,170 \u200band has been stuck in this way for weeks. Every time prices hit close to $4,000 or slightly below, we see that there will be big buyers coming to buy it back up,” said GoldSilver \u200bCentral Managing Director Brian Lan.<\/p>\n
U.S. President Donald Trump promised on Thursday “major military punishment” for Iran \u200band its Houthi allies, after the Yemeni fighters struck two Saudi oil tankers in the Red Sea.<\/p>\n
Brent \u200ccrude \u2060has surged 7% on Thursday, breaking through $100 a barrel for the first time since May in one of the steepest rises since the war has started.<\/p>\n
Elevated crude oil prices spur concerns around inflation and higher-for-longer interest rates. While gold is traditionally seen as a \u200bhedge against inflation, it \u200bloses its appeal as \u2060a non-yielding asset in a high-interest-rate environment.<\/p>\n
Markets are also focused on next week’s U.S. Federal Reserve meeting, where the central bank is widely expected \u200bto keep rates unchanged, although traders are pricing in about an \u200b81% chance \u2060of a hike in September, according to the CME FedWatch Tool. FEDWATCH<\/p>\n
The European Central Bank kept interest rates unchanged as expected on Thursday but held the door open to another increase in \u2060September.<\/p>\n
Spot silver \u200bwas down 0.7% at $57.29 per ounce, but was headed \u200bfor a weekly gain of 2.5%. Platinum fell 1.3% to $1,579.49 and palladium dropped 1.5% to $1,237.50, both on track for a weekly drop.<\/p>\n
(REUTERS)<\/p>\n
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