Gold prices have declined for a second consecutive week. Rising oil costs and worries over potential U.S. Federal Reserve interest rate hikes are weighing on the metal's appeal.
The precious metal faced renewed pressure from escalating crude oil prices and broader inflation concerns. A resilient U.S. job market and persistent geopolitical tensions have raised expectations that the Federal Reserve may lift rates further, reducing the attractiveness of non-yielding assets like gold.
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Indian stocks and the rupee fell sharply on Wednesday after US President Donald Trump signaled the end of a truce with Iran. Fresh US strikes on Iran and rising oil prices triggered the selloff. Gold and silver prices also extended losses in Mumbai trading.
Gold prices declined on Friday as rising crude oil prices and expectations of higher interest rates weighed on the market. U.S. Treasury yields climbed to their highest levels since January 2025. Traders now see an 81 percent chance of a rate increase in September.
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In the ongoing West Asia conflict—now including heightened Iran-US tensions—gold prices were nearly flat on Friday but headed for a 2% weekly loss. Surging oil prices continue to drive inflation fears and expectations of prolonged high interest rates, tempering safe-haven demand.
Gold prices in Egypt dropped sharply on Tuesday to their lowest level this year amid falling global markets and a stable Egyptian pound.
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Asian markets fell with technology shares under renewed pressure after US strikes on Iran. Crude oil prices increased amid heightened Middle East tensions. Investors are monitoring upcoming US inflation data for clues on Federal Reserve interest rate moves.