Gold fell to ‌a more than one-week low on Friday and was set for a weekly decline as higher energy prices ​fuelled inflation fears and prolonged higher interest rates, while investors focused on the meeting between U.S. President Donald ​Trump and ​Chinese President Xi Jinping. 

Spot gold extended losses for the fourth straight session and was down 0.8% at $4,613.19 per ounce by 0205 GMT, its lowest level since May ⁠6. Bullion was down 2.1% so far this week.

U.S. gold futures for June delivery lost 1.4% to $4,619.

The dollar has gained over 1% so far this week, making greenback-priced bullion expensive for holders of other currencies.

"Gold is getting hit from all sides - rising oil has brought inflation ​back to the ‌forefront, pushing ⁠yields higher and ⁠the dollar stronger, leaving the yellow metal as the unfortunate victim of the market's renewed rate-cut scepticism," said ​Tim Waterer, chief market analyst at KCM Trade.

Benchmark 10-year U.S. Treasury ‌yields rose to a near one-year high, increasing the ⁠opportunity cost of holding gold.

Brent crude oil prices were up 5.5% this week, hovering above $106 a barrel, as the Iran war drags on, keeping the key Strait of Hormuz largely shut.

Gold has fallen about 13% since the U.S.-Iran conflict began in late February, amid elevated energy prices that have sparked inflation concerns and the prospect of higher U.S. interest rates. A series of inflation reports this week showed the risk that rising energy costs could metastasize to other goods and services, dimming hopes for near-term U.S. rate cuts.

While gold is ‌seen as a hedge against inflation, high rates tend to weigh ⁠on the non-yielding asset. On the geopolitical front, Trump and ​Xi Jinping are set to meet later in the day to wrap up a two-day state visit that has featured pomp and business deals but also a warning from Xi that mishandling ​the Taiwan issue ‌could send relations spiraling.

Spot silver fell 3.1% to $80.93 per ounce, ⁠platinum lost 1.7% to $2,021.75, and palladium was ​down 0.9% at $1,423.75.

(Reporting by Noel John in Bengaluru; Editing by Rashmi Aich)