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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. Oil rose more than 1% even as it was on track for a sharp we...
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