Gold Slips Near $4,525, Set for Weekly Loss on Rate-Hike Bets

Gold traded near $4,525 on May 22 and is set for a modest weekly decline as rising oil prices and stronger Fed rate-hike odds weighed on the metal. The week began with a sharp sell-off on May 19 when April CPI at +3.8% and surging Treasury yields drove gold to a seven-week low of $4,480. Prices rebounded mid-week to $4,561 after optimism over a possible U.S.-Iran peace deal eased inflation fears and lowered yields. Renewed geopolitical uncertainty and a firmer dollar have since capped gains, leaving the metal down about 0.5% for the period despite the brief recovery.