New York, October 17 (QNA) - Gold prices edged lower on Friday, recording a weekly decline as investors assessed the prospect of another US Federal Reserve interest rate hike this year following a series of stronger-than-expected inflation readings.

Spot gold fell 0.1% to $4,165.12 an ounce, down 0.7% for the week. However, US gold futures for December delivery rose 0.3% to $4,181.10 an ounce.

US producer prices posted their biggest increase in four and a half years last month, data released on Thursday showed, following figures a day earlier indicating that consumer inflation accelerated in September.

Although gold is traditionally seen as a hedge against inflation, higher interest rates tend to weigh on the precious metal because it does not offer an income.

Elsewhere, spot silver fell 0.7% to $57.05 an ounce, while platinum was steady at $1,626.15. Palladium dropped 1.1% to $1,113.61. All three metals recorded weekly losses. (QNA)