Gold prices are poised for a fourth consecutive weekly decline on Friday, as a strong dollar and reports of faster US rate hikes to curb inflation kept the metal pressured near the $4,000 per ounce level.Spot gold was down 0.5% at $4,007.95 per ounce, as of 0610 GMT. U.S. gold futures for ‌August delivery ⁠lost ⁠0.6% to $4,024.10.This week, the yellow metal was on track for a loss of nearly 4%, having slipped below the $4,000 level for the first time since November 2025, on Wednesday."The rapid repricing of the hawkish Fed created a strong bullish momentum in the U.S. dollar, which eventually led to this significant downward drift in gold prices," said Kelvin Wong, a ⁠senior market ‌analyst at OANDA, in a report by Reuters.Wong believes gold's pullback from its late-January record high is likely to continue for several months, with prices eventually treading towards $3,400 per ounce over the long term.The USD index was headed for a second consecutive weekly increase, resulting in gold prices rising for holders of other currencies.Gold prices fell nearly 29% from the record high of $5,594.82 on January 29, as inflation fuelled by the US-Iran war was followed by ramped-up rate-hike bets.US inflation increased further in May, breaking above 4% for the first time in three years, as per data released on Thursday.Amid the current speculation surrounding rate hikes, gold may tend to lose its appeal as a non-yielding asset, despite being typically viewed as a hedge against inflation, as stated in a Reuters report.At least three Fed rate hikes are expected this year by traders, pricing in about a 64% chance of a September increase, according to the CME FedWatch Tool.Among other metals, spot silver slipped 2.5% to $56.42 per ounce, platinum lost 1.5% to $1,577.15, and palladium slid 0.4% to $1,179.26. All metals were headed for a weekly decrease.