Gold Prices Decline Amid Inflation Fears and Rate Hike Expectations

Gold prices fell on Friday as concerns over inflation and interest rates mounted. The US Federal Reserve's upcoming meeting is now a major focus for investors, who are pricing in an 81% probability of a rate hike in September.

The recent surge in Brent crude oil prices above $100 a barrel has fueled worries about inflationary pressures. This, combined with expectations for the Fed to raise interest rates later this year, has put downward pressure on gold prices.