Gold Headed For Significant Weekly Loss On Inflation Concerns

India, July 17 -- Gold prices edged up toward $4,000 an ounce on Friday but headed for a significant weekly loss on oil-led inflation worries.

Spot gold rose half a percent to $3,998.01 per ounce after the previous session's sharp sell-off.

Despite today's recovery, the precious metal was on track for a 3 percent weekly loss amid concerns that rising energy prices could reignite inflation and complicate the Federal Reserve's policy outlook. U.S. gold futures were up 0.2 percent at $4,000.10 an ounce.

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