Gold heads for a second weekly loss

Gold prices edged lower, heading toward a second consecutive weekly loss, pressured by a stronger dollar and higher oil prices, which reinforced expectations of interest rate hikes by the Federal Reserve.

Spot gold fell slightly to $4,522.89 an ounce. The precious metal has declined about 0.3 percent so far this week.

U.S. gold futures for June delivery dropped 0.4 percent to $4,524.40.

The dollar remained close to a six-week high, making gold priced in the U.S. currency more expensive for holders of other currencies.

High oil prices have heightened inflation risks and concerns that interest rates will stay elevated for longer. Gold is typically seen as a hedge against inflation, but higher interest rates reduce demand for the non-yielding precious metal.

As for other precious metals, spot silver fell 0.5 percent to $76.32 an ounce, platinum lost 0.3 percent to $1,959.20, while palladium was steady at $1,377.89.