Singapore, July 24 (QNA) - Gold prices declined in Asian trading on Friday after falling nearly 2% in the previous session, as oil prices climbed above $100 a barrel, strengthening inflation concerns and expectations of higher US interest rates.

Spot gold prices fell 0.4% to $4,030.09 per ounce, while US gold futures for August delivery declined by a similar rate to $4,033.20. The precious metal remained on track for limited weekly gains of around 0.4%.

In other precious metals markets, silver fell 0.7% to $57.29 an ounce, platinum declined 1.3% to $1,579.49, and palladium dropped 1.5% to $1,237.50.

Markets are awaiting the Federal Reserve's meeting next week, as ongoing inflation concerns continue to weigh on gold's appeal as a non-yielding asset. (QNA)