Gold prices rose on Friday, largely due to a weaker dollar and softer U.S. Treasury yields, but are on track for a second consecutive weekly drop due to rising energy prices. Spot gold was up 0.8% at $5,118.75 per ounce. However, concerns over inflation and the Federal Reserve's ability to cut rates if high oil prices persist are also hindering gold's appeal. The dollar dropped, making greenback-priced commodities such as bullion cheaper for holders of other currencies. Traders expect the Fed to maintain its current 3.5-3.75% range at its upcoming meeting.