Gold weakens as oil rebounds

Gold edged lower on Friday as firmer crude oil revived concerns about inflation and the prospect of US interest rates staying high for longer, Mettis Global reported. Spot bullion was down 0.24% at $4,046.28 an ounce at 10:46 am PST, although it remained on track to finish the week higher ahead of the US payrolls release.

Oil gained more than 1% on the day but was still heading for a substantial weekly decline, with easing expectations around Iran-related tensions weighing on prices while Middle East supply concerns limited the fall. The report said traders were also watching the payrolls figures due at 1330 GMT and a speech by Fed Vice Chair Michelle Bowman; CME FedWatch put the chance of a December rate increase at 68%. Silver and platinum rose, while palladium fell, and all three were poised for weekly gains.