Gold Drops Over 1% on Higher Oil Prices; US Payrolls Data in Focus
Gold prices slipped on Friday as oil prices rebounded, fanning inflation worries and higher-for-longer interest rate expectations, while investors awaited key US payrolls data later in the day. Spot gold fell 1.1% to $4,044.09 per ounce by 0501 GMT, but was on track for its best week since late August. US gold futures for December delivery dropped 1.5% to $4,053.30. "Crude oil has rebounded mostly over the past day, which remains one of the inflationary knockbacks pressuring gold," said Ilya Spivak, head of global macro at Tastylive.
