Market News
Gold falls as Iran conflict fuels inflation worries and dims Fed rate-cut prospects - REUTERS
Gold prices were down on Friday lunchtime and set for a second consecutive weekly decline as surging energy costs from the Middle East conflict dimmed expectations of near-term US interest rate cuts.
Gold futures (GC=F) lost 0.2% to $5,117.30 a troy ounce, while spot prices retreated 1.1% to $5.113.39 at the time of writing.
Tim Waterer, chief market analyst at KCM Trade, said: "Given the ongoing uncertainty about the duration and scope of the conflict in the Middle East, I expect gold to remain on the radar for investors as a safety play."
