Spot gold traded near $4,133.39 per ounce, retreating from a two-week high as Middle East tensions drove oil prices up over 1.5%. Rising oil costs are fueling inflation fears, increasing the odds of Federal Reserve interest rate hikes. The dollar also stabilized on safe-haven demand. High interest rates typically diminish gold's appeal. This global dynamic could influence international gold prices, potentially impacting local gold and USD/PKR rates in Pakistan.
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