London, May 22 (QNA) - Gold prices fell by nearly 1% on Friday, extending weekly losses amid a broader decline in precious metals markets.

Spot gold dropped 0.9% to $4,502.59 per ounce after falling as much as 1% earlier in the session, leaving the metal down around 0.8% for the week.

US gold futures for June delivery also slipped 0.9% to $4,502.70 per ounce.

Other precious metals recorded sharper declines, with silver falling 1.9% to $75.28 per ounce. Platinum lost 2.5% to $1,916.62, while palladium declined 2.1% to $1,349.30 per ounce. (QNA)