Gold eased on Friday and looks set for its largest weekly decline in over four
months after oil’s jump and stronger US data pushed expectations that the Fed
will keep policy rates higher for longer. Higher energy prices raise the
opportunity cost of holding non-yielding bullion; US initial jobless claims fell
to a near 57-year low last week, signaling a modest rebound in October
employment. Markets are focused on the Fed’s Oct. 27-28 policy meeting and next
week’s PCE inflation report, the central bank’s preferred gauge.
