Gold set for biggest weekly fall in six as Iran war fans inflation worries

Gold prices saw a rebound on Friday, yet are set for a significant weekly loss. Renewed clashes between the United States and Iran have lifted oil prices considerably. This escalation has stoked inflation concerns and strengthened expectations for higher interest rates. Fed officials are signaling openness to rate hikes amid persistent inflation. Economic data shows a slight increase in U.S. retail sales and falling unemployment claims.