Gold held steady on Friday, but was on course for a weekly decline as higher oil ​prices fuelled inflation worries ⁠and clouded the interest rate outlook.

FUNDAMENTALS

* Spot gold was unchanged ‌at $4,622.41 per ounce, as of 0046 GMT, after rising more than 2% in the previous ​session. The metal was on track for a weekly loss of 1.8%.

* U.S. gold ​futures for June ​delivery rose 0.1% to $4,635.10.

* Iran said on Thursday it would respond with "long and painful strikes" on U.S. positions if Washington renewed ⁠attacks and restated its claim to the Strait of Hormuz, complicating U.S. plans for a coalition to reopen the waterway.

* Brent oil rose to a four-year peak of over $126 a barrel on Thursday before pulling back.

* The European ​Central Bank ‌and the Bank ⁠of England kept interest ⁠rates unchanged on Thursday, as expected, following holds earlier in the week by the ​Federal Reserve and the Bank of Japan.

* Global brokerages ‌have gradually stepped back from earlier expectations of ⁠two U.S. rate cuts in 2026, with forecasts now split between some easing and none due to lingering inflation risks and cautious policymakers.

* Data showed the U.S. Personal Consumption Expenditures Price Index jumped 0.7% last month, the largest gain since June 2022. The increase was in line with economists' expectations.

* India's April gold imports are set to fall to a near 30-year low of around 15 metric tons, industry and government sources said, ‌because banks have been hit by an unexpected tax demand.

* ⁠China's Central bank and customs authority said on Thursday ​they would streamline gold import-export permit rules, finalising a plan first proposed in September.

* Spot silver rose 0.8% to $74.34 per ounce, platinum gained 0.1% to $1,987.55, and ​palladium was ‌up 0.3% at $1,528.39.

(Reporting by Pablo Sinha in Bengaluru; Editing by Subhranshu Sahu)