Gold is on track to record its first weekly loss in 6 weeks

Gold prices saw little change on Friday ahead of a crucial inflation report in the United States but were set to mark their first weekly decline in six weeks amid easing concerns of escalating conflict in the Middle East.

Spot gold rose 0.1 percent to $2,334.57 per ounce by 0409 GMT, while US gold futures also edged up 0.2 percent to $2,346.70 an ounce.

However, prices have dipped by 2.3 percent since the start of the week, poised for their largest weekly drop since early December, as fears of a significant escalation in the Middle East subsided. This decline follows a retreat of about $100 from the record high reached on April 12, which stood at $2,431.29.

While data indicated a slower-than-expected growth of the US economy in the first quarter, a rise in inflation underscored statements from US Federal Reserve officials signaling no urgency to lower interest rates. Higher interest rates diminish the allure of holding non-yielding gold.

The dollar index is also heading towards its largest weekly decline since early March, reducing the cost of holding gold denominated in dollars for holders of other currencies.

In contrast, silver in spot transactions increased by 0.2 percent to $27.49 per ounce, platinum rose by 0.8 percent to $921.45, and palladium climbed by 1.4 percent to $988.22. However, all three metals are set to register weekly losses.