Gold holds steady, but is on course for a weekly decline as higher oil prices fuel inflation worries and cloud the interest rate outlook, according to Reuters.

Spot gold was unchanged at $4,622.41 per ounce, as of 00:46 GMT (5:46am PKT), after rising more than 2 per cent in the previous session. The metal was on track for a weekly loss of 1.8pc. US gold futures for June delivery rose 0.1pc to $4,635.10.