Gold slips, set for weekly loss on rate-hike fears

(AGENCIES)

Gold ​prices fell on Friday and were poised for a weekly loss amid rising inflation and interest rate-hike fears.

Spot gold was down 0.7 percent at $4,442.94 per ounce, as of 0402 GMT. ​It has fallen about 2 percent for the week so far.

The US gold futures ​for August delivery fell 0.8 percent to $4,469.10.

Spot silver ​fell 1.6 percent to $72.66 per ounce, platinum dropped 1.1 percent to $1,879.42, and palladium slid 1.6 percent to $1,299.23.

All metals were ​headed for a weekly loss.