Taipei:Gold prices saw a decline on Friday as inflation concerns reinforced expectations that interest rates would remain higher for a longer period. Despite this, bullion was on track for a weekly gain as investors awaited significant US payrolls data later in the day.
According to Wam, spot gold decreased by 0.6 percent to $4,063.39 per ounce by 0248 GMT, although it was up by 4 percent for the week. Meanwhile, US gold futures for December delivery dropped 1 percent to $4,072.90.
In the broader metals market, spot silver increased by 0.3 percent to $51.91, platinum rose 0.4 percent to $1,523.63, and palladium decreased by 0.2 percent to $1,029.22. Despite the fluctuations, all three metals were set for weekly gains.