Gold set for weekly drop as oil price surge weighs on rate-cut hopes - Reuters

<a href="https://news.google.com/rss/articles/CBMiqgFBVV95cUxOSDF6WDJoQ2piYVhTaV9XbHQ1V3VURTVtOWZGbTJ3U3Zrc2pfNEFsdWVpYXpRbC1HVDNKdWZJeDF0cmlnUmtuWU05Q0ktTmlRTEt1cEVwLTloWDRSWXUwNmQxNTFyYkdBdmhkelVtOEMtX1dPRzBiZDBlTlliXzdINUdxN0JPLXp6Q0s1WFplVjM1OGZ2Q1hYMmExQXY1SXpRaUFab3VNSUlTQQ?oc=5" target="_blank">Gold set for weekly drop as oil price surge weighs on rate-cut hopes</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

Gold prices fell as much as 2.5% to below $5,050 an ounce, pressured by a stronger US dollar and concerns over higher interest rates due to rising oil prices linked to the West Asia conflict.

Gold dropped nearly 3% to around $5,015 per ounce, marking its first weekly decline in over a month, as surging oil prices and a stronger US dollar raised concerns about potential Federal Reserve rate hikes.

Gold (XAU/USD) fell over 1.5% to $5,090 as WTI oil surged more than 30% amid shipping disruptions in the Strait of Hormuz, lifting the US Dollar and pressuring bullion.