Doha: Gold held near flat in early Asian trade on Friday but was on track for a weekly decline, pressured by rising oil prices and persistent inflation concerns, while ongoing tensions in the Middle East and disruptions to shipping through the Strait of Hormuz added to market uncertainty.

According to Qatar News Agency, spot gold slipped 0.1% to $4,686.29 an ounce, while US gold futures for June delivery fell 0.5% to $4,702. Bullion has declined about 3% so far this week, snapping a four-week winning streak, as elevated energy prices dampened sentiment and weighed on demand.

Among other precious metals, spot silver fell 0.3% to $75.22 an ounce, platinum eased 0.6% to $1,993.63, and palladium slipped 0.3% to $1,464.12.