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Gold fell 0.6% on Friday as higher oil prices revived inflation concerns and expectations that U.S. interest rates would remain elevated. Prices were still up about 4% for the week as investors awaited the U.S. nonfarm payrolls report.
Higher energy costs can sustain inflation and interest rates, supporting the U.S. dollar and raising the opportunity cost of holding gold. This is primarily a macro signal rather than a direct feed-commodity supply or demand driver.
cnbc.comReutersNov 6, 2026After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
