India, July 10 -- Gold prices traded lower on Friday and headed for a weekly loss as escalating hostilities in the Middle East rekindled inflation and interest-rate worries.
Spot gold dipped half a percent to $4,102.31 an ounce and was on track for a weekly loss of about 1.5 percent. U.S. gold futures were down 0.7 percent at $4,110.76.
Bullion is in a consolidation mode as tit-for-tat strikes between Iran and the U.S. sent oil prices surging and reinforced the probability of the Federal Reserve raising rates this year.
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