Gold slips as higher oil, US inflation data bolster Fed hike bets

Gold slipped on Friday as higher oil prices spurred inflation concerns and robust US inflation data strengthened the case for another Federal Reserve rate hike later this year, according to Reuters.

Spot gold ​was down 0.6 percent at $3,997.39 per ounce by 0255 GMT, while US gold ​futures for December delivery dropped 0.6 percent to $4,007.80. Bullion was on track for a ⁠second consecutive monthly decline.

Spot ⁠silver ​slid 2.1 percent to $51.27 per ounce, platinum dropped 1.9 percent to $1,458.85 ​and palladium fell 2 percent to $986.08. All three metals were headed for weekly and monthly declines.