Gold declines as oil rises, inflation concerns grow

Gold prices edged lower on Friday and were heading for a second consecutive weekly loss, pressured by rising oil prices and growing concerns over inflation and interest rate hikes.

Spot gold fell 0.2 percent to US$4534.29 per ounce by 0047 GMT, bringing its weekly losses so far to around 0.1 percent.

US gold futures for June delivery also declined 0.1 percent to US$4535.60.

Among other precious metals, silver dropped 0.5 percent to US$76.32 per ounce, platinum fell 0.3 percent to US$1959.20, while palladium was steady at US$1377.89 per ounce.