Gold Falls Below $4,700/oz This Week as US-Iran Tensions Push Energy Prices Higher

Gold prices remained below $4,700 per ounce on Friday, with weekly losses estimated at around 3%. Escalating US-Iran tensions in the Strait of Hormuz have driven energy prices higher, fueling inflation concerns. President Trump ordered the U.S. Navy to strike down vessels laying mines in the strait, while American forces inspected an Iranian oil tanker in the Indian Ocean. The US-Iran ceasefire agreement has been extended indefinitely pending new proposals from Tehran. Rising energy costs intensify inflation risks and bolster expectations for potential central bank rate hikes, reducing the appeal of non-yielding gold.
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