Gold Gains Ahead of Inflation Data, Oil Dips – 9 December, 2021

Gold was slightly higher by the end of this week but was still on track for a fourth straight weekly fall as investors remain caution ahead of U.S inflation data. Spot gold was 0.2% higher to $1,778.13 per ounce. U.S. gold futures were up 0.2% to $1,779.30. Bullion fell 0.4% this week ahead of U.S. Consumer Price Index report next week. In oil, prices fell with traders locking in prices after a strong week aided by confidence that the Omicron variant would be less devastating on global growth and fuel demand. U.S. West Texas Intermediate crude was down 7 cents or 0.1% to $70.87 per barrel, while Brent crude fell 4 cents to $74.38 per barrel, down 1.9%.