Gold recovers from two-week low ahead of US inflation figures

Gold rose on Tuesday after hitting a two-week low earlier ‌in the session, as markets awaited key US inflation data, with escalating US-Iran tensions driving oil prices higher and reinforcing expectations of further Federal Reserve rate hikes. Spot gold was up 0.3% at $4,013.93 per ​ounce by 0300 GMT, recovering from its lowest level since July 1. ​US gold futures for August delivery gained 0.4% at $4,020.80. Gold shed about 3% ⁠in the previous session in its biggest daily percentage decline in more than ​a month, as continued fighting between US and Iran led to a surge in oil prices ​to one-month highs.