Gold: Gold fell to a more than one-week low Friday and was set for a weekly decline as higher energy prices fuelled inflation fears and prolonged higher interest rates. Spot gold extended losses for the fourth straight session and was down 0.8 percent at $4,613.19 per ounce by 0205 GMT, marking its lowest level since 6th May. Bullion was down 2.1 percent so far this week.

According to Emirates News Agency, US gold futures for June delivery lost 1.4 percent to $4,619. Alongside gold, other precious metals also experienced declines. Spot silver fell 3.1 percent to $80.93 per ounce. Platinum registered a loss of 1.7 percent, dropping to $2,021.75, while palladium was down 0.9 percent at $1,423.75.

The decline in precious metals is largely attributed to rising energy prices, which have sparked concerns about inflation. The resulting economic conditions have led to expectations of prolonged higher interest rates, further impacting the market for precious metals. As investors assess the economic landscape, the precious metals market continues to navigate through these challenging conditions.