Gold slips, set for weekly loss on Mideast tensions, rate-hike fears

Gold prices edged lower on Friday, and were set for a weekly loss, as tensions in the Middle East dampened hopes for a U.S.-Iran peace ​deal amid rising inflation and rate-hike fears. Fundamentals Spot gold was down ‌0.3% to $4,462.22 per ounce, as of 0049 GMT. It has fallen about 1.6% for the week so far. Get the latest news from India and how it matters to the world with the Reuters India File newsletter. Sign up here. U.S. gold futures for August delivery fell 0.4% to $4,489. The Iran-backed Hezbollah ​rejected a new ceasefire in Lebanon and Israel said it would not ​withdraw troops from the country, undermining U.S. President Donald Trump’s efforts ⁠to halt fighting there to forge peace with Tehran.