Oil gains and strong US inflation data heightened market expectations for a Fed rate hike later this year, pressuring gold on Friday. KCM Trade chief market analyst Tim Waterer said the drop has put technical support around $4,000 at risk; prior dip-buying had limited falls, but it is unclear whether value buyers will re-emerge. Several strong US macro prints this week support the case for a December Fed move, and elevated oil reduces gold’s appeal as an inflation hedge. A tanker attack in the S

Oil gains and strong US inflation data heightened market expectations for a Fed rate hike later this year, pressuring gold on Friday. KCM Trade chief market analyst Tim Waterer said the drop has put technical support around $4,000 at risk; prior dip-buying had limited falls, but it is unclear whether value buyers will re-emerge. Several strong US macro prints this week support the case for a December Fed move, and elevated oil reduces gold’s appeal as an inflation hedge. A tanker attack in the Strait of Hormuz has intensified supply-risk worries linked to a US‑Israel conflict with Iran, lifting oil on Friday and leaving it on track for a fourth consecutive monthly gain.