Gold Drops 1.1% as Oil Inflation Rises

Gold spot fell 1.1% to $4,688.96/oz and futures 1.0% to $4,705.56/oz amid stronger dollar and oil price surge.
Oil prices rose above $103 per barrel this week due to supply worries in the Strait of Hormuz, fueling inflation concerns.
The U.S. dollar posted its first weekly gain in a month, pressuring gold as overseas buyers face higher costs.
Jake Behan of Direxion noted traders shifting from macro to earnings focus, citing AI capex driving risk‑on rotation.