PRECIOUS-Gold at over one-week low as dollar, yields climb, Middle East tensions stoke inflation

* Spot gold down 4% for the week

* U.S. Treasury yields rise to near one-year high

* Oil gains, Trump leaves Beijing with no major breakthroughs (Updates for U.S. session trade)

By Ishaan Arora

May 15 (Reuters) - Gold fell to a more than one-week low on Friday, as U.S. Treasury yields and the dollar climbed, while heightening inflation concerns due to the conflict in the Middle East reinforced bets for higher interest rates.

Spot gold was down 2.6% at $4,527.80 per ounce by 9:40 a.m. EDT (1340 GMT), its lowest since May 5. Prices were down 4% so far this week.

U.S. gold futures for June delivery lost 3.2% to $4,535.

"There was a sell-off across the (precious metals) for a couple of reasons. The dollar is quite strong today. We're also seeing not just a U.S. increase, but a global increase in (bond) yield rates," said Edward Meir, an analyst at Marex.

Benchmark 10-year U.S. Treasury yields rose to a near one-year high, increasing non-yielding bullion's opportunity cost. The dollar was set for its highest weekly gain in two months, making greenback-priced gold more expensive for overseas buyers.

U.S. President Donald Trump said his patience with Iran was running out and left China with no major breakthroughs on trade or tangible help to end the war.

"The Chinese really didn't offer much help in resolving the conflict, and we're seeing crude oil move up, which reinforces the inflation narrative and that's been very bearish for the metals," he added.

Crude oil prices have risen more than 40% since the U.S.-Israel war on Iran began, leading to higher inflation globally. Central banks tend to hike interest rates during times of inflation, which in turn tends to dim non-yielding bullion's appeal.

Traders have largely priced out U.S. interest rate cuts this year while bets for a hike have risen, according to CME's FedWatch Tool.

Spot silver fell 8.7% to $76.26 per ounce, platinum lost 4.1% to $1,967.35, and palladium was down 1.9% at $1,409.75. All three were headed for weekly losses.

Silver fell as much as 9% earlier and was on track for its worst daily performance since March 3. (Reporting by Ishaan Arora in Bengaluru; Editing by Joe Bavier)