Gold in a week: limited gains and a sharp decline

Gold prices witnessed a volatile week, as trading began with relative stability and then recorded gains supported by geopolitical tensions and markets’ anticipation of the path of US monetary policy, before being subjected to strong selling pressure that pushed it to decline by more than $130 from its highest levels in two weeks, ending last week with a noticeable decline.
Yesterday, Friday, it continued its decline, falling in spot transactions by 0.4% to $4,030.09 per ounce, down more than $130 from its highest level in two weeks, which it recorded on Wednesday.

Gold prices

On Thursday, gold prices fell by more than two percent, retreating from their highest level in two weeks. Gold fell in instant transactions by 2.1% to $4,041.59 per ounce, after rising to $4,165.87 in the last session, the highest level since July 7th.

Gold prices rose on Tuesday, as investors awaited diplomatic efforts aimed at easing the severity of the US-Iranian conflict, hoping to mitigate the risks of inflation resulting from high oil prices, and to determine the path of US interest rates.
The price of gold in transactions rose by 1.2% to $4,054.24 per ounce, by 05:29 GMT, and US gold futures (August delivery) rose by 1.1% to reach $4,059.10 per ounce.
On Monday, gold prices stabilized, as investors were working to evaluate the effects of the escalation of the war in the Middle East, amid signals from the US Federal Reserve about the possible need to raise interest rates to curb price pressures.
The price of gold in spot transactions reached $4,018.90 per ounce, by 04:55 GMT, and US gold futures (August delivery) rose 0.1% to reach $4,023.10.