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Singapore: Gold prices fell to a more than one-week low on Friday as rising energy prices fueled inflation concerns and reinforced expectations of prolonged high interest rates.
Spot Gold extended losses for a fourth consecutive session, falling 0.8% to $4,613.19 per ounce, its lowest level since May 6. The metal was also on track for a weekly loss of 2.1%.
US Gold futures for June delivery declined 1.4% to $4,619 per ounce.
Meanwhile, the US dollar has risen by more than 1% since the start of the week, making dollar-denominated Gold more expensive for holders of other currencies.
Among other precious metals, spot silver dropped 3.1% to $80.93 per ounce, platinum fell 1.7% to $2,021.75, and palladium eased 0.9% to $1,423.75.
