Today's gold price: Due to concerns of significant rate increases, gold is expected to decline for a second consecutive week.

Spot gold prices remained unchanged on Friday but on target to drop for second week in a row . Fears that major central banks could push higher interest rates to combat inflation .

Gold prices remained unchanged on Friday but were on target to drop for the second week in a row, with fears that major central banks could push higher interest rates to combat runaway inflation, weighing on bullion demand.At 0215 GMT, spot gold was up 0.1% to $1,824.72 an ounce, down from a one-week low of $1,820.99 earlier in the session.Gold futures in the United States dropped 0.2 percent to $1,825.90.This week, gold prices dropped by around 0.9 percent.

The US dollar is stable, and forecasts point to a 75-basis-point Fed increase in July.The TIPS spread, which is a market-based proxy for inflation expectations, is also near a 4-month low, and these have kept any gold rally under control, according to City Index senior market analyst Matt Simpson.Gold priced at greenbacks is made more expensive by a strong dollar by buyers purchasing other currencies.On Friday, benchmark 10-year Treasury rates in the United States increased, curbing gold demand.

Given its inability to reach $1,850, or its 200-day average, this week, gold seems unlikely to recover in the near term, Simpson said, adding that if it weren't for the fear of a global recession, it would likely be lower than it is now.SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, reported its holdings fell 0.81% to 1,063.07 tonnes on Thursday from 1,071.77 tonnes a day earlier.Spot silver decreased 0.4% to $21.02 per ounce, while platinum increased 0.9 percent to $915.11, but both were expecting weekly declines.Palladium rose 1.4% to $1,870.29, and has increased by around 3% this week.