Gold Falls to One-Week Low Amid Renewed US-Iran Tensions

Gold prices fell in European trading on Thursday, reaching a one-week low as renewed military strikes between the United States and Iran boosted demand for the US dollar. The Federal Reserve's decision to leave interest rates unchanged also contributed to the decline.

The gold price dropped about 1% to $4,028.53 per ounce, down from the session opening level of $4,068.21. This follows a 1% increase on Wednesday after reaching an intraday low of $3,966.02 per ounce.

US oil prices climbed 1.5% on Thursday, driven by renewed tensions around the Strait of Hormuz and concerns over global energy supplies. Higher oil prices have revived inflation concerns, which may impact monetary policy decisions in the near term.