Gold Set for Weekly Loss as Hawkish Fed Outweighs Peace Deal (opens original article in a new tab)

Gold declined for the third week as Federal Reserve policy expectations outweighed the impact of a US-Iran peace deal, with prices falling 1.6% to $4,144.58 an ounce.

• Gold was on track for a third weekly loss due to a hawkish Federal Reserve and rate-hike bets
• The interim peace deal between the US and Iran had a lesser impact than Fed policy expectations
• Gold prices fell 1.6% to $4,144.58 an ounce as of 2:25 p.m. Singapore time
• The reopening of the Strait of Hormuz provided some positive pressure but was offset by Fed tightening
• Silver dropped 2.4% to $64.1235, while platinum and palladium also declined