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2026.07.1623:52:05UTC+00Gold Set for Weekly Loss

Gold remained below $4,000 an ounce on Friday and was heading for a weekly loss of more than 3%, as escalating tensions in the Middle East drove oil prices higher and kept inflation and interest rate risks in focus. The US carried out multiple strikes against Iran this week, while President Donald Trump warned that Washington could target Iran’s infrastructure next week if diplomatic efforts fail to deliver a breakthrough. Iran retaliated with attacks on US bases in neighboring countries, heightening fears of further escalation and a prolonged disruption to regional energy supplies. At the same time, softer-than-expected US inflation data released this week has largely taken a July rate increase off the table, even as Fed Chair Kevin Warsh reaffirmed his commitment to restoring price stability. Still, markets remain split on the likelihood of a rate hike in September, leaving non-yielding gold under sustained pressure.

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