Gold prices fell more than 1% on Friday and were headed for a weekly loss of a similar magnitude, as elevated oil prices continued to fan inflation concerns that would discourage central banks from cutting interest rates.
Spot gold was down 1.1% at $4,573.33 per ounce at 1149 GMT, and on track for a weekly loss of 2.8%. US gold futures for June delivery fell 1% to $4,585.20.
Spot gold was down 1.1% at $4,573.33 per ounce at 1149 GMT, and on track for a weekly loss of 2.8%. US gold futures for June delivery fell 1% to $4,585.20."Gold remains negatively correlated to oil in the short term, as it impacts interest rate expectations," said UBS analyst Giovanni Staunovo.
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