Gold edged higher on Friday amid growing concerns over inflation and US interest rate hikes.

Spot gold rose 0.3 percent to US$4,505.57 per ounce by 04:22 GMT, but was down about 0.1 percent for the week so far. US gold futures inched 0.1 percent higher to US$4,535.90.

Spot silver was steady at US$75.61 per ounce, while palladium gained 0.5 percent to US$1,375.63, with both metals heading for a weekly gain.

Platinum lost 0.4 percent to US$1,914.95 and was on course for a weekly loss.