Precious-Gold set for biggest weekly drop since early June on inflation, rate-hike worries
GLD•Other precious metals fall
However, "gold's share in private portfolios remains low, and recent geopolitical developments, including Iran and broader tensions, may accelerate diversification beyond central banks to private investors," Goldman Sachs said in a note.
Spot silver XAG= rose 1.1% to $56.09, platinum XPT= dropped 1.3% to $1,597.13, and palladium XPD= was steady at $1,249.81. All three metals were headed for weekly losses.
Gold rises but stays on track for a weekly loss
Gold rose on Friday but was on track for its biggest weekly loss in six as escalating U.S.-Iran tensions drove energy prices higher, fuelling inflation fears and reinforcing expectations of U.S. interest rate hikes.
Spot gold XAU= was up 1.2% at $4,017.09 per ounce by 11:50 a.m. EDT (1550 GMT). Prices touched their lowest level since July 1 earlier in the session and were down around 2.5% so far for the week. U.S. gold futures GCcv1 for August delivery fell 0.5% to $3,973.10.
