Singapore, September 18 (QNA) – Gold prices rose in Asian trading on Friday, supported by a decline in oil prices and a weaker dollar, as traders continued to monitor developments in the Middle East and expectations for global monetary policy.

Spot gold rose 1.1 percent to $4,386.39 per ounce, while US gold futures climbed 0.6 percent to $4,425.80.

Among other precious metals, spot silver rose 2.3 percent to $66.66 and was on track for weekly gains. Platinum climbed 2.3 percent to $1,810.25, while palladium rose 2.1 percent to $1,318.50.

Although gold is typically viewed as a hedge against inflation, high interest rates can dampen demand for the metal by increasing the appeal of yield-bearing assets.

Oil prices fell for the third consecutive day, while the dollar remained lower after retreating from recent highs. A weaker dollar makes commodities priced in the currency less expensive for holders of other currencies.

The Federal Reserve, the US central bank, raised interest rates on Wednesday and signaled further hikes in the coming months. (QNA)