Oil Prices Push Gold Down as Inflation Concerns Mount

Singapore's gold market saw prices decline on Friday after falling nearly 2% in the previous session.

The slide was attributed to rising oil prices, which climbed above $100 a barrel, strengthening inflation concerns and expectations of higher US interest rates.

Spot gold prices fell by 0.4% to $4,030.09 per ounce, while US gold futures for August delivery declined by a similar rate to $4,033.20.

The precious metal remained on track for limited weekly gains of around 0.4%. Silver fell 0.7% to $57.29 an ounce, platinum declined 1.3% to $1,579.49, and palladium dropped 1.5% to $1,237.50.