Gold loses shine as rate hikes and a strong dollar temper its safe-haven appeal

Gold prices have cooled as elevated interest rates and a robust U.S. dollar offset demand for the metal as an inflation hedge, with inflation remaining stubborn and energy costs rising due to the Iran conflict helping push prices lower; analysts say higher rates—rather than safe-haven demand—are likely to dominate the gold outlook, and even a potential deal with Iran may take months to shift momentum.