Spot gold fell 0.6% to $3,997.39 an ounce by 02:55 GMT on Friday, slipping under $4,000 as oil rose and Thursday's US inflation print kept a December rate hike in view. CNBC, citing Reuters, said December US gold futures also fell 0.6%, to $4,007.80. Bullion is on track for a second monthly drop. A later Reuters screen, carried by Business Recorder, had spot gold down 0.5% at $4,000.54 by 05:11 GMT, so the round number is being tested rather than left behind. That follows Thursday's hold near $4,030 in yesterday's commodities note.
Brent is heading for a fourth monthly gain
Oil rose on Friday and is set for a fourth straight monthly gain, the steepest since July. An early Brent print was $114.24 a barrel, with US West Texas Intermediate up 72 cents, or 0.71%, at $102.72. A later Report.az board showed Brent at $116.09, up $2.07, and WTI at $103.17. Desks cited two supply headlines: Yemen's Houthis stepping up attacks on Saudi Arabia, and an attack on a tanker in the Strait of Hormuz. Saxo said diplomacy is still a possible offset. One regional wrap put Brent's October gain near 14% and WTI's near 15%, with WTI on course to finish the month above $100 for the first time since April.
Silver, platinum and palladium are down for the week and the month
Spot silver fell 2.1% to $51.27 on the CNBC reading. The later Reuters screen had silver down 1.6% at $51.53, platinum down 1.9% at $1,459.75 and palladium down 1.4% at $992.37. All three are heading for weekly and monthly losses. Tim Waterer at KCM Trade said the slide is "asking serious questions of technical support around the $4,000 level," and that dip buying has limited declines before. CME FedWatch priced a December hike near 75%, down from about 80% after Wednesday's hold. Higher rates raise the cost of holding gold, which pays no yield. September PCE at 3.6% is set out in the economy story. Bitcoin's break under $77,000 is on the markets desk. More price coverage is in commodities.