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Gold drops 1 percent on oil rebound and US payrolls

Gold prices slipped more than 1 percent as rebounding oil prices fueled inflation worries and interest rate concerns. Investors now await crucial US payrolls data.

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FILE PHOTO: Ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, June 16, 2026. REUTERS/Alexander Manzyuk/File Photo

Gold fell 1.1% to $4,044.09 per ounce on Friday morning as Brent Crude Oil rebounded, fanning inflation worries. The drop broke a multi-day rally, though bullion remained on track for its best week since late August.