Updates prices and adds details, as of 0411 GMT

By Noel John

May 15 (Reuters) - Gold prices fell on Friday and were on track for a weekly loss, as higher energy prices fuelled inflation concerns and reinforced expectations of prolonged higher interest rates, while traders awaited the outcome of a U.S.-China summit.

Spot gold XAU= extended losses for a fourth consecutive session, and was down 0.6% at $4,619.61 per ounce by 0411 GMT, its lowest point since May 6. Bullion has lost 2% so far this week.

U.S. gold futures GCcv1 for June delivery lost 1.3% to $4,624.

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

"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 US10YT=RR rose to a near one-year high, increasing the opportunity cost of holding gold.

Brent crude oil prices were up 5.6% this week, hovering above $106 a barrel, as the Iran war drags on, keeping the key Strait of Hormuz largely shut. O/R

Gold prices have dropped roughly 13% since the U.S.-Iran conflict erupted on February 28.

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, U.S. President Donald Trump said his patience with Iran was running out after he discussed the costly and unpopular war with Chinese President Xi Jinping.

ANZ lowered its year-end target price for gold by $200 to $5,600 as inflation expectations, higher yields and a stronger dollar are likely to pressure prices.

Spot silver XAG= fell 2.5% to $81.41 per ounce, platinum XPT= lost 1.7% to $2,020.61, and palladium XPD= was down 0.8% at $1,425.50.