Gold reclaims $4,000 but falls for the week as U.S.-Iran flare-up fuels rate-hike bets

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Gold futures turned higher Friday after the latest U.S. economic data showed consumer sentiment improving and shorter-term inflation expectations easing. The preliminary reading for the University of Michigan's monthly consumer sentiment survey for July came in at a better-than-expected 54.4, which

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Gold rebounded to $4,000 but fell during the week due to increasing expectations of interest rate hikes amid heightened tensions between the US and Iran.

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The latest US economic data showed an improvement in consumer sentiment index and a moderation in short-term inflation expectations.

As a result, expectations of interest rate hikes increased, leading to a decline in gold prices.

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