India, July 31 -- Gold prices were sharply lower on Friday as Middle East worries and uncertainty over the Federal Reserve's rate path persist.
Spot gold fell 1.2 percent to $4,054.86 an ounce but headed for its first monthly gain in five, rising nearly 2 percent in July, helped by softer-than-expected U.S. inflation reading for June and reports of negotiations between Iran and Oman to regulate traffic through the Strait of Hormuz. U.S. gold futures were down 1.2 percent at $4,049.30.
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