Precious-Gold softens on prospects of Fed rate hikes as Brent tops $100
GLD•Silver, platinum and palladium mostly lower
Spot silver XAG= was down 0.7% at $57.29 per ounce, but was headed for a weekly gain of 2.5%. Platinum XPT= fell 1.3% to $1,579.49 and palladium XPD= dropped 1.5% to $1,237.50, both on track for a weekly drop.
Gold falls as oil-driven inflation concerns build
Gold extended losses on Friday after falling 2% in the previous session, as Brent crude's move back above $100 a barrel stoked inflation concerns and strengthened the case for higher interest rates ahead of a Federal Reserve policy meeting next week.
Spot gold XAU= eased 0.4% to $4,030.09 per ounce by 0333 GMT, with prices down more than $130 from a two-week high hit on Wednesday. U.S. gold futures GCcv1 for August delivery were 0.4% lower at $4,033.20.
Bullion was on track for a small weekly gain of 0.4%.
"In the short term, we expect more volatility... gold has been trading between $3,980 all the way to about $4,170 and has been stuck in this way for weeks. Every time prices hit close to $4,000 or slightly below, we see that there will be big buyers coming to buy it back up," said GoldSilver Central Managing Director Brian Lan.
Oil, inflation and Fed expectations weigh on bullion
U.S. President Donald Trump promised on Thursday "major military punishment" for Iran and its Houthi allies, after the Yemeni fighters struck two Saudi oil tankers in the Red Sea.
Brent crude surged 7% on Thursday, breaking through $100 a barrel for the first time since May in one of the steepest rises since the war has started.
