Gold declines as oil rises, inflation concerns grow

(AGENCIES)

Gold prices edged lower on Friday and were heading for a second consecutive weekly loss, pressured by rising oil prices and growing concerns over inflation and interest rate hikes.

Spot gold fell 0.2 percent to $4534.29 per ounce by 0047 GMT, bringing its weekly losses so far to around 0.1 percent.

US gold futures for June delivery also declined 0.1 percent to $4535.60.

Among other precious metals, silver dropped 0.5 percent to $76.32 per ounce, platinum fell 0.3 percent to $1959.20, while palladium was steady at $1377.89 per ounce.