Gold holds steady, but is on track for a weekly drop as elevated oil prices fuel fears of inflation and higher-for-longer interest rates amid stalled US-Iran peace talks, Reuters reports.

Spot gold was up 0.1 per cent at $4,697 per ounce, as of 01:05 GMT (6:05am PKT). The metal is down 2.6pc so far this week after a four-week winning run.