Gold declines as oil rises and inflation fears rise

Gold prices fell slightly today, heading for the second weekly loss in a row, affected by the rise in oil prices and increasing concerns related to inflation and raising interest rates.

Gold fell in spot transactions by 0.2% to $4,534.29 per ounce by 00:47 GMT, while its weekly losses so far amounted to about 0.1%.

US gold futures for June delivery also fell by 0.1% to $4,535.60.

In other precious metals, silver fell 0.5% to $76.32 per ounce, platinum fell 0.3% to $1959.20, while palladium settled at $1377.89 per ounce.