Gold Rises But Heads for Fourth Consecutive Weekly Loss

Beijing: Gold prices rose by more than one percent on Friday, supported by buying activity, but are on track for their fourth consecutive weekly loss due to rising energy prices and growing concerns about inflation and rising global interest rates. Spot gold rose 1.1 percent to $4,428.30 an ounce, but the precious metal has fallen by about 1.3 percent since the beginning of the week, according to the Oman News Agency. According to Yemen News Agency, US gold futures for April delivery also rose 1.1 percent to $4,423.40. The dollar weakened, making dollar-denominated gold cheaper for holders of other currencies. As for other precious metals, spot silver rose 1.1 percent to $68.80 an ounce, while spot platinum gained 2.1 percent to $1,865.13, and palladium climbed 2.7 percent to $1,389.80.