Dubai: Gold prices edged lower on Friday and were heading for a second consecutive weekly loss, pressured by rising oil prices and growing concerns over inflation and interest rate hikes. Spot gold fell 0.2 percent to US$4534.29 per ounce by 0047 GMT, bringing its weekly losses so far to around 0.1 percent.
According to Emirates News Agency, US gold futures for June delivery also declined 0.1 percent to US$4535.60. Among other precious metals, silver dropped 0.5 percent to US$76.32 per ounce, platinum fell 0.3 percent to US$1959.20, while palladium was steady at US$1377.89 per ounce.
The decline in gold prices comes amid increased volatility in the commodities market, as investors continue to weigh the impact of surging oil prices and potential interest rate hikes on inflation. The interplay between these economic factors has created uncertainty, prompting shifts in investment strategies.