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, signalling 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 cent

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, signalling 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.