Gold Prices Slide Amid Rising Inflation Concerns

Gold prices retreated on Friday after falling by 2% in the previous session. The return of Brent crude oil prices above $100 a barrel fueled inflation concerns and strengthened expectations of a US interest rate hike ahead of next week's Federal Reserve monetary policy meeting.

The spot price of gold fell 0.4% to $4,030.09 per ounce by 0333 GMT, down more than $130 from its two-week high reached on Wednesday. US gold futures for August delivery also declined by 0.4% to $4,033.20.

Other precious metals were not spared either, with spot silver falling 0.7% to $57.29 per ounce, while platinum and palladium dropped 1.3 percent and 1.5 percent respectively.