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2026.04.2400:31:09UTC+00Gold Set for Weekly Decline

Gold held below $4,700 an ounce on Friday and was on track for a weekly loss of about 3%, as mounting tensions between the US and Iran over the Strait of Hormuz pushed energy prices higher and intensified inflation worries. Both sides have continued to enforce blockades in the vital shipping lane, while peace talks have made little headway.

On Thursday, President Donald Trump wrote on social media that he had ordered the US Navy to “shoot and kill” vessels laying mines in the strait, and US forces also boarded a supertanker carrying Iranian oil in the Indian Ocean. At the same time, the US-Iran ceasefire has been extended indefinitely as Washington awaits a new formal proposal from Tehran, and the truce between Israel and Lebanon has been prolonged by three weeks.

Elevated energy prices have sharpened inflation risks and strengthened expectations of further central bank rate hikes, undermining the appeal of non-yielding bullion.

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