Gold Prices Decline As Fed Uncertainty Weighs

Gold prices were sharply lower on Friday as Middle East worries and uncertainty over the Federal Reserve’s rate path persist.

Spot gold fell 1.2 percent to $4,054.86 an ounce but headed for its first monthly gain in five, rising nearly 2 percent in July, helped by softer-than-expected U.S. inflation reading for June and reports of negotiations between Iran and Oman to regulate traffic through the Strait of Hormuz. U.S. gold futures were down 1.2 percent at $4,049.30.