Gold prices are retreating from a two-week high as a significant surge in oil prices, driven by escalating geopolitical tensions in the Middle East, fuels concerns about renewed inflation. [1, 2, 3, 5] This has increased market expectations for a potential Federal Reserve interest rate hike to combat inflation, which in turn raises the opportunity cost of holding non-yielding assets like gold. [1, 2, 4, 7] The downward move is also attributed to some profit-taking after the recent price peak. [3]