Commodities
Gold Steadies Amid Rate Hike Concerns, Mideast Tensions
Gold prices held steady on Friday as traders weighed the potential for a US Federal Reserve interest rate hike and tensions in the Middle East.
The metal was little changed after retreating below $4,400 an ounce, but remained on track for a second weekly gain despite pulling back from a 10-week high on Thursday.
A subdued US inflation print suggested that energy-price shocks from the Iran war had faded in July, reducing pressure on the Fed to pursue a more aggressive monetary policy.
Money markets are pricing in a roughly one-in-three chance of a September rate hike, which could weigh on gold if rates stay elevated for an extended period.