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Oil prices dropped over 2% on Friday, driven by concerns about weakening demand from China and the potential for slower interest rate cuts by the U.S. Federal Reserve. China's factory output slowed, and its demand for oil decreased, while U.S. economic data was stronger than anticipated, potentially influencing the Fed's decision on rate cuts.
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Gold prices were heading for their most significant weekly drop in over three years as the dollar strengthened due to expectations of less aggressive interest rate cuts by the U.S. Federal Reserve. This rise in the dollar made gold less appealing to investors holding other currencies.
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The U.S. dollar was on track for its most significant weekly gain in over a month as market expectations shifted towards fewer interest rate cuts. This shift was influenced by the belief that President-elect Donald Trump's policies could fuel inflation, giving the Federal Reserve less leeway to reduce rates.
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