Gold is edging lower and headed for a second consecutive weekly drop, as elevated oil prices fuel fears of inflation and boost expectations of a US interest rate hike this year, Al Jazeera reports.

Spot gold was down 0.4 per cent at $4,524 per ounce, as of 09:04 GMT (2:04pm PKT). The metal has shed about 0.4pc so far in the week.

US gold futures for June delivery lost 0.4pc to $4,524.20.