Gold Headed for Weekly Loss on Higher Rate Fears

0808 GMT – Gold prices are headed for a weekly loss of 3% as higher oil prices fuel expectations that central banks might keep interest rates higher for longer. New York futures are down 0.6% to $4,600.20 a troy ounce, with thin trading volumes across key Asian markets on Friday due to public holidays. In the previous session, bullion found support as the U.S. dollar weakened, with the Japanese yen recovering after government officials signaled potential intervention to prop up the currency. Meanwhile, silver futures fall 0.6% to $73.61 an ounce, while platinum was down 0.8% to $1,977.80 an ounce.