London: The United Kingdom has reached an agreement to allow the United States to utilize its military bases for launching strikes on Iranian sites, specifically targeting the Strait of Hormuz. This strategic move aims to address mounting concerns over regional security and the critical passageway through which a significant portion of the world's oil supply is transported.

According to Anadolu Agency, the geopolitical tensions in the Middle East have led to a sharp decline in gold prices, marking the most substantial weekly drop since 1983. The price of gold fell more than 10% to dip below the $4,500 threshold on Friday. As of 1940 GMT, gold prices were recorded at $4,509.08 per ounce, reflecting a 3% decrease on a daily basis, fluctuating between $4,477.5 and $4,735.81 per ounce during the day.

The significant drop in gold prices is attributed to escalating tensions in the Middle East, which have pushed energy prices upward, stirred inflationary concerns, and diminished hopes for imminent interest rate reductions. This week, major central banks, including the Federal Reserve, the European Central Bank, the Bank of England, and the Bank of Japan, opted to maintain their interest rates at current levels. They issued warnings that the ongoing conflict could potentially lead to global price increases, further impacting economic stability.