Gold prices drifted lower on Friday and for the full week as the breakdown in the U.S.-Iran ceasefire raised the prospect of the Federal Reserve keeping interest rates higher for longer to counter inflationary pressures from higher energy prices. Front-month Comex gold for July delivery slipped 0.6% to $4,104.10 per ounce, while silver dropped 0.9% to $59.809 per ounce; for the week, gold lost 0.2% and silver fell 1.4%. Minutes from the Fed's June meeting showed some policymakers saw a case for raising rates, and traders are now pricing in a 69% chance of a rate hike in September. Hedge funds and money managers reduced bullish bets on gold to 114,854 contracts for the week ending July 7, according to weekly CFTC data.