Gold heads for second weekly drop on inflation concerns
Source: Reuters
Gold prices edged lower on Friday and were on track for a second consecutive weekly decline, as higher oil prices increased concerns about inflation and strengthened expectations of a potential U.S. interest rate hike later this year, News.Az reports, citing Al Jazeera.
Spot gold fell 0.4 percent to $4,524 per ounce as of 0904 GMT, bringing its total weekly loss to around 0.4 percent.
U.S. gold futures for June delivery also dropped 0.4 percent, trading at $4,524.20.
By Nijat Babayev
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