Sharjah24 - WAM: Gold prices recorded a weekly decline on Friday, dropping to their lowest level in more than a week amid mounting concerns that rising oil prices could fuel inflation and keep interest rates elevated for a longer period.
Spot gold extended its losses for a fourth consecutive session, slipping 0.8 percent to $4,613.19 per ounce by 0205 GMT, marking its weakest level since 6th May. The precious metal has declined 2.1 percent so far this week.
US gold futures for June delivery also fell 1.4 percent to $4,619.
Meanwhile, other precious metals posted losses, with spot silver dropping 3.1 percent to $80.93 per ounce, platinum declining 1.7 percent to $2,021.75, and palladium easing 0.9 percent to $1,423.75.
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