Singapore, June 12 (QNA) - Gold prices fell on Friday and were headed for a weekly loss amid persistent inflation concerns and expectations that the US Federal Reserve may keep interest rates elevated for longer.
Spot gold declined 0.5 percent to USD 4,191.17 per ounce, bringing its weekly loss to 3.2 percent. Meanwhile, US gold futures for August delivery rose 2.4 percent to USD 4,212.70 per ounce.
The precious metal had fallen to its lowest level in more than six months on Thursday before recovering to settle higher at USD 4,219.69 per ounce amid ongoing developments in the Middle East.
In other precious metals trading, spot silver slipped 0.4 percent to USD 67.10 per ounce, while platinum gained 0.7 percent to USD 1,731.40 per ounce and palladium advanced 1.6 percent to USD 1,289.00 per ounce. (QNA)