Gold rebounded on Friday but was set for its biggest weekly loss in six, as renewed U.S.-Iran clashes lifted oil prices, stoked inflation concerns and strengthened expectations that interest rates could stay higher for longer.FUNDAMENTALSSpot gold gained 0.5% to $3,988.57 per ounce by 0103 GMT, having touched its lowest since July 1 earlier in the session. U.S. gold ‌futures for ⁠August ⁠delivery were steady at $3,992.70. Iran and the United States exchanged intensifying fire on Thursday in a week-long escalation that has largely unravelled last month's truce. Oil prices have jumped about 12% so far this week as the escalating U.S.-Iran conflict stoked supply concerns. Non-yielding gold typically struggles when interest rates are high because investors favour investments that offer better returns. The metal is down over 3% ⁠for the ‌week so far.Dallas Federal Reserve President Lorie Logan became the first of Fed Chairman Kevin Warsh's new colleagues to call publicly for ⁠a rate hike. Fed Vice Chair Philip Jefferson also suggested he would be open to raising rates if there is no near-term improvement in inflation. Inflation is proving persistent across a broad range of goods and services, and remains the focus of monetary policy given a stable labour market, Kansas City Fed President Jeff Schmid said. The number of Americans filing claims for unemployment benefits fell last week. U.S. retail ‌sales increased marginally in June as lower gasoline prices weighed on receipts at service stations. China can stabilise economic growth this year by accelerating already-budgeted national infrastructure investment projects, ⁠economists and one government adviser said, reducing the likelihood of large-scale fiscal stimulus. Britain on Thursday targeted what it said were illicit gold and finance networks fuelling Sudan's war, imposing sanctions on 11 individuals and entities. Elsewhere, spot silver gained 0.2% to $55.60 per ounce, platinum eased 0.1% to $1,616.10 and palladium rose 0.4% to $1,254.62. All three metals were headed for a weekly loss. DATA/EVENTS (GMT) 0701 China Total Social Financing Jun 0701 China M2 Money Supply YY Jun 0702 China New Yuan Loans Jun1230 US Housing Starts Number Jun 1230 US Import Prices YY Jun 1315 US Industrial Production MM Jun 1400 US U Mich Sentiment Prelim Jul