Abu dhabi: Gold prices fell on Friday and were track for a weekly loss, pressured by concerns around inflation and potential US Federal Reserve interest rate hikes. Spot gold was down 0.5% at $4,191.17 per ounce, as of 02:52 GMT, and was set for a weekly loss of 3.2 percent. US gold futures for August delivery rose 2.4 percent to $4,212.70.
According to Emirates News Agency, spot silver fell 0.4 percent to $67.10 per ounce, and platinum gained 0.7 percent to $1,731.40, with both metals headed for a weekly loss. Meanwhile, palladium rose 1.6 percent to $1,289.33, and gained about 5 percent for the week so far.
Concerns regarding inflation and potential interest rate hikes by the US Federal Reserve have been influencing the market trends. These factors have placed pressure on gold prices, leading to the observed weekly downturn. Despite the overall decline in gold and silver, palladium has shown a positive trend for the week, reflecting the varied responses of different metals to the current economic conditions.