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Singapore, August 28 (QNA) – Gold prices declined in Asian trading on Friday as investors awaited clues on the trajectory of US monetary policy.
Spot gold fell 0.5 percent to $4,576.30 per ounce, after touching a three-month high earlier this week.
US gold futures slid 0.8 percent to $4,629.00 per ounce.
Gold is traditionally viewed as a hedge against inflation, though higher interest rates typically weigh on the non-yielding asset.
Other precious metals followed suit. Spot silver dropped 1 percent to $68.54 per ounce, palladium fell 0.8 percent to $1,339.84, and platinum lost 0.6 percent to $1,834.83, tracking toward a weekly loss. (QNA)
