Gold dips as Mideast hostilities revive inflation concerns

Gold prices fell on Thursday after hitting a one-week low in the previous session, as US President Donald Trump’s declaration that an interim agreement to end the ​war with Iran was “over” reignited concerns over higher inflation and interest rates. Spot gold fell 0.3% to $4,066.24 per ounce by 0105 GMT, after dropping to its lowest since July 1 on Wednesday. U.S. gold futures for August delivery were down 0.1% at $4,077. The US military ​said on Wednesday that it was launching fresh strikes on Iran aimed at ​keeping the critical Strait of Hormuz open to traffic, hours after Trump ⁠said that the memorandum of understanding signed to end the conflict was “over.”