Gold prices posted their first loss in six weeks, despite rising in late trading on Friday after data showed U.S. inflation rose in line with expectations.
Price movements
Spot gold prices fell 2.26 percent on the week to $2,337.96 an ounce, their worst weekly performance since December, after averting a major escalation in the Middle East crisis.
The U.S. personal consumption expenditures price index rose 0.3 percent last month, in line with expectations, a development that is unlikely to change expectations that the U.S. Federal Reserve will delay cutting interest rates until September.
US Treasury yields fell after the data, making gold more attractive.
Higher interest rates make holding non-yielding gold less attractive.
Spot silver prices recorded a significant weekly decline of more than 5 percent, falling to $27.2 per ounce.
