Spot gold held at $4,692.41/oz while futures slipped to $4,707.09/oz on Friday.
Over the week spot gold fell 2.9% and futures dropped 3.5%, marking the steepest weekly decline since early March.
Rising oil prices and a stronger US dollar, fueled by US‑Iran tensions, heightened inflation fears and potential rate hikes.
ING analysts warned inflation pressures may broaden, suggesting central banks could consider higher‑for‑longer interest rates.