Abu dhabi: Gold prices fell on Friday and were poised for a weekly loss amid rising inflation and interest rate-hike fears. Spot gold was down 0.7 percent at $4,442.94 per ounce, as of 0402 GMT. It has fallen about 2 percent for the week so far. The US gold futures for August delivery fell 0.8 percent to $4,469.10.

According to Emirates News Agency, spot silver fell 1.6 percent to $72.66 per ounce. Platinum dropped 1.1 percent to $1,879.42, and palladium slid 1.6 percent to $1,299.23. All metals were headed for a weekly loss.

The decline in metal prices comes as investors remain cautious amid economic concerns tied to potential interest rate hikes and inflation, which impact the appeal of non-yielding assets like gold and silver.