Gold and precious metals prices declined, with gold heading for its biggest weekly loss in six weeks on Friday.

Spot gold reached $3,988.20 per ounce, after hitting its lowest level since July 1 earlier in the session.

Gold declined.

On Thursday, gold prices fell as the conflict in the Middle East escalated, raising fears that US interest rates could rise this year, dashing recent optimism about curbing inflation.

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Spot gold fell 0.8% to $4,029.29 per ounce by 05:18 GMT.

Gold prices also fell on Wednesday, as rising oil prices fueled inflation fears and uncertainty about the US interest rate outlook, negatively impacting the precious metal. Spot gold fell 0.6% to $4,028.43 per ounce by 04:43 GMT, and US gold futures for August delivery fell 0.8% to $4,035.50. On Tuesday, gold prices rose more than 2% during trading, supported by data showing US inflation slowed more than expected, boosting expectations that the Federal Reserve will ease monetary policy. Spot gold rose 2.1% to $4,083.99 per ounce, while US gold futures rose 2.2% to $4,091.80. On Monday, gold prices fell sharply, as fears of a closure of the Strait of Hormuz pushed oil prices higher, reviving expectations of interest rate hikes to counter inflationary pressures from escalating hostilities in the Middle East. Spot gold fell 1.5% to $4,060.36 per ounce by 05:41 GMT. US gold futures for August delivery also fell 1.1% to $4,068.30. As per the title.