Gold (XAU) Weekly Loss Nears 2% Amid Surging Oil Prices

Gold is on track for a weekly loss of nearly 2% as rising oil prices have heightened expectations for interest rate hikes by the Federal Reserve. The increased activity in the oil market has raised concerns about inflation, leading to speculation that the Fed may increase rates more than previously anticipated. This is expected to have ramifications for safe-haven assets like gold. Investors should monitor these developments as changes in interest rates can affect gold prices significantly.