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Gold is heading for its third consecutive weekly decline, after the sharp rise in oil prices and the latest US inflation report reinforced the arguments supporting an interest rate hike by the Federal Reserve next week.
Bullion showed little change near $4,315 an ounce on Friday, after dropping 1.8 percent in the previous session to its lowest level since early August, according to Bloomberg.
Spot gold fell 0.1 percent to $4,312.20 an ounce at 7:55 AM in Singapore, heading toward a weekly drop of 2.7 percent.
Silver fell 0.3 percent to $63.40 an ounce, after dropping 5.5 percent on Thursday—its biggest loss since July—to record a decline of about 4 percent since the beginning of the week.
In contrast, platinum rose 0.3 percent to $1,782.76 an ounce, and palladium climbed 0.5 percent to $1,288, although both metals are also heading for weekly losses.
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