Rising oil prices and rate-hike bets pressure bullion; silver edges up.
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Gold fell 0.4% to $4,522.89 per ounce on Friday, heading for a second consecutive weekly loss. A stronger dollar and higher oil prices boosted expectations of U.S. Federal Reserve rate hikes.
U.S. gold futures for June delivery also dropped 0.4% to $4,524.40. The dollar remained near a six-week high, making bullion more expensive for holders of other currencies.
Analyst Edward Meir said the stronger dollar, supported by global high interest rates, is weighing on gold. Elevated oil prices increase inflation risks, adding pressure for longer-lasting high rates.
Silver rose slightly, while platinum and palladium declined, all metals showing mixed weekly performance. Markets see a roughly 60% chance of a Fed rate hike by December.
