Gold prices declined during Friday’s trading session as oil prices rebounded and inflation concerns intensified, strengthening expectations that interest rates would remain elevated for longer.
However, the precious metal remained on track for weekly gains as investors awaited the release of key US employment data later in the day, according to CNBC.
Spot gold fell 1% to $4,053.05 per ounce, but remained up more than 4% since the beginning of the week. US gold futures for December delivery also declined 1.4% to $4,054.30 per ounce.
Among other precious metals, spot silver rose 0.3% to $51.91 per ounce, while platinum gained 0.4% to $1,523.63. Palladium, meanwhile, slipped 0.2% to $1,029.22 per ounce.
All three metals were also on track to post weekly gains.
