The price of gold fell to $4686.29 per ounce

The price of gold stabilized today, Friday, but is on its way to incurring a weekly loss, as rising oil prices exacerbated fears of inflation and interest rates remaining high for a longer period.

The price of gold in spot transactions fell 0.1 percent to $4,686.29 per ounce.

US gold futures for June delivery lost 0.5 percent to $4,702.

As for other precious metals, the price of silver in spot transactions fell 0.3 percent to $75.22 per ounce, platinum lost 0.6 percent to $1,993.63, and palladium fell 0.3 percent to $1,464.12.