Gold on track for biggest weekly loss in six as Iran war fans inflation worries
July 17 (Reuters) – Gold was on track for its biggest weekly loss in six on Friday, as escalating U.S.-Iran clashes lifted oil prices, adding to inflationary pressures and strengthening the case for higher U.S. interest rates. Spot gold was up 0.5% at $3,988.20 per ounce by 0313 GMT, having touched its lowest since July 1 earlier in the session. U.S. gold futures for August delivery were steady at $3,992. The metal, however, has lost 3.2% so far this week, its largest decline since June 1, with the ongoing Middle East tensions outweighing support from softer June U.S. inflation figures