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Gold Heads For Weekly Loss Amid Inflation Concerns
(MENAFN- The Peninsula)
QNA
Singapore: Gold prices were largely steady on Friday but remained on track for a weekly loss amid mounting inflation concerns and expectations that interest rates will stay higher for longer.
In spot trading, gold fell 0.1% to $4,614.98 per ounce, heading for a weekly decline of about 2% after hitting its lowest level in a month on Wednesday.
US gold futures for June delivery also slipped 0.1% to $4,626.40.
Among other precious metals, silver rose 0.4% in spot trading to $73.99 per ounce, while platinum fell 0.2% to $1,981.25, and palladium edged up 0.1% to $1,525.36.
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