Gold and silver prices fell on Friday ‌and were on track for a weekly loss, as higher energy prices fuelled inflation concerns and reinforced expectations of prolonged higher interest rates, while traders awaited the outcome of a U.S.-China summit.

Spot gold ​extended losses for a fourth consecutive session, and was down 1.39% at $4,586.29 per ​ounce, its lowest point since May 6. Spot silver fell 3.92% to $80.12 per ounce.

The ​dollar has gained more than 1% so far this week, making greenback-priced bullion expensive for ​holders of other currencies.

"Gold is getting hit from all sides - rising oil has brought inflation back to the forefront, pushing yields higher and the dollar stronger, leaving the yellow metal as the unfortunate ​victim of the market's renewed rate-cut scepticism," said Tim Waterer, chief market analyst at ​KCM Trade.

Benchmark 10-year U.S. Treasury yields rose to a near one-year high, increasing the opportunity cost of ‌holding ⁠gold.

Brent crude oil prices were up 5.6% this week, hovering above $106 a barrel, as the Iran war drags on, keeping the key Strait of Hormuz largely shut.

Gold prices have dropped roughly 13% since the U.S.-Iran conflict erupted on February 28.

A series of inflation reports this ​week showed the risk ​that rising energy ⁠costs could metastasize to other goods and services, dimming hopes for near-term U.S. rate cuts.

While gold is seen as a hedge against ​inflation, high rates tend to weigh on the non-yielding asset.

ANZ lowered its year-end target price for gold ⁠by $200 to $5,600 ​as inflation expectations, higher yields and a stronger dollar ​are likely to pressure prices.