Gold Falls to $4,450 as Middle East Escalation Stokes Inflation Fears, Down Nearly 2% This Week

Gold prices hovered around $4,450 per ounce on Thursday, down nearly 2% this week, as Middle East tensions escalated between the U.S., Iran, Bahrain and Kuwait. The conflict, the most severe since an April ceasefire agreement, sent energy prices higher and sparked concerns about inflation. Cleveland Federal Reserve President Beth Hammack stated the Fed may soon be forced to raise rates if inflation pressures persist. Investors are watching Friday's jobs report for clues on monetary policy direction.
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