Gold is headed for a weekly loss amid inflation fears

Capitals, June 12 / WAM / Gold prices fell today on their way to record a weekly loss under the pressure of concerns about inflation and the possibility of raising US interest rates.

The price of gold in spot transactions fell 0.5 percent to $4,191.17 per ounce, heading for a weekly loss of 3.2 percent. While US gold futures for August delivery rose 2.4 percent to $4,212.70.

As for other precious metals, the price of silver in spot transactions fell 0.4 percent to $67.10 per ounce, and the price of platinum rose 0.7 percent to $1,731.40, and both metals are heading toward a weekly loss. The price of palladium increased 1.6 percent to $1,289.33 and achieved five percent gains since the beginning of the week.

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