Gold prices slid to a more than one-week low on Friday and were headed for a weekly decline as rising energy prices reignited inflation concerns, strengthening expectations that interest rates could remain elevated for longer.
Spot gold fell for a fourth straight session, declining 0.8% to $4,613.19 an ounce by 0205 GMT, its lowest level since May 6. The precious metal has lost 2.1% so far this week.
US gold futures for June delivery also weakened, dropping 1.4% to $4,619 an ounce.
The decline comes as higher oil prices stoke fears of persistent inflation, prompting investors to reassess the outlook for monetary policy and potential rate cuts. Elevated interest rates typically reduce the appeal of non-yielding assets such as gold.
Other precious metals also traded lower on Friday. Spot silver dropped 3.1% to $80.93 an ounce, while platinum slipped 1.7% to $2,021.75. Palladium edged down 0.9% to $1,423.75 an ounce.
