Doha: Gold prices declined during trading on Friday, heading for a second consecutive weekly loss, weighed down by a slight uptick in the US dollar and ongoing developments in the Middle East. Markets are also awaiting key US inflation data to gauge the future direction of the Federal Reserve's monetary policy. Spot gold fell by 0.4 percent to USD 3313.23 per ounce, bringing its weekly decline to 1.7 percent.

According to Qatar News Agency, US gold futures dropped 0.7 percent to USD 3325.70 per ounce. The decline comes amid a 0.2 percent rise in the US dollar index against a basket of major currencies, making dollar-priced gold more expensive for holders of other currencies and reducing its appeal as a safe-haven asset.

Markets are now closely watching upcoming US inflation figures for insights into the Federal Reserve's interest rate path. Current expectations suggest a possible 63 basis point rate cut over the course of the year, potentially beginning in September.

In other precious metals markets, silver held steady in spot trading at USD 36.63 per ounce. Platinum fell by 1.8 percent to USD 1391.28 after recently hitting its highest level in nearly 11 years. Palladium rose 1.4 percent to USD 1,147.78, its highest level since October 2024.