Gold prices retreat in spot trading amid Middle East tensions

Gold prices fell on Thursday from a two-week high reached in the previous session, as escalating conflict in the Middle East drove oil prices higher.

Traders are now turning their attention to next week’s US Federal Reserve meeting for signals on the timing of any potential interest rate hikes.

As of 03:24 GMT, spot gold was steady at $4,132.01 per ounce, after rising to $4,165.87 in the previous session—its highest since July 7.

US gold futures for August delivery slipped 0.4% to $4,134.60.