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

Gold is set for its biggest weekly fall in six weeks, down over 3%, as the escalating US-Iran conflict stoked inflation worries and pushed oil prices up about 12% on the week. Spot gold was trading around $3,988.57 per ounce, while US Fed officials including Dallas Fed President Lorie Logan publicly called for a rate hike, adding to hawkish monetary policy expectations. Silver, platinum and palladium were also headed for weekly losses.