Gold futures finished lower, falling more than 2% on Thursday, as escalating tensions in the Middle East pushed energy prices up, stoked inflation concerns and strengthened market expectations for U.S interest-rate hikes this year. Additionally, stronger dollar and rise in US Treasury bond yield notes weighed down the investment appeal of the bullion. While, investors shifted focus to next week's Federal Reserve meeting for clues on the timing of potential interest rate hikes and Chair Kevin Warsh’s comments following the central bank’s two-day policy meeting next week.
Gold futures for August delivery tumbled by $101.7 to 2.5% to settle at $4050.20 an ounce on the Comex division of the New York Mercantile. While, spot gold down by $23.42 or 0.58% to $4,026.0600 an ounce.
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