Doha: Gold prices edged lower in Asian trading on Friday, heading for a weekly loss amidst persistent Middle East tensions, rising inflation, and growing concerns over higher interest rates. Spot gold fell 0.3 percent to USD 4,462.22 per ounce, bringing its losses for the week to approximately 1.6 percent. US gold futures for August delivery also slipped 0.4 percent to USD 4,489 per ounce.
According to Qatar News Agency, gold is traditionally viewed as a hedge against inflation, but higher interest rates tend to diminish its appeal as it does not generate a yield. Among other precious metals, spot silver fell 0.6 percent to USD 73.45 per ounce. Meanwhile, platinum dropped 1.3 percent to USD 1,876.58, and palladium declined 1.5 percent to USD 1,301.25.