Gold climbs to $4,117 as dollar slips

July 10, 2026 (MLN): Gold prices ticked higher on Friday as the dollar weakened, though the metal remained on course for a weekly loss amid worries that intensifying US-Iran hostilities could stoke inflation and push the Federal Reserve toward a tighter policy stance.

Currently, spot gold is up 0.88% to $4,117.28 an ounce as of [09:20 am] PST, according to data reported by Mettis Global.

The dollar slipped to a one-week low, making gold cheaper for buyers holding other currencies.

The exchange of attacks has deepened inflation worries and raised the odds of a Fed rate hike later this year.

CME's FedWatch tool showed markets pricing in a 64% probability of a September hike, up from 54% a week earlier, CNCB reported.

Higher rates typically dampen demand for gold, since the metal offers no yield and becomes less attractive when borrowing costs rise, even though it is often viewed as an inflation hedge.

Minutes from the Fed's June meeting, released earlier this week, pointed to rising concern among policymakers over persistently high inflation.

Among other precious metals, silver climbed 0.8% to $60.46 per ounce, platinum advanced 1.6% to $1,636.68, and palladium rose 1.6% to $1,267.

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