For the first time in almost a month, Bitcoin (BTC) crossed above the $47,000 mark on Friday, pushing crypto-related stocks into the green ahead of the stock market open.

The leading cryptocurrency rose 4.5% in the past 24 hours, sitting at around $47,300 at the time of writing.

Gold prices drifted slightly lower on Thursday, taking little support from a decline in the dollar and yields as markets remained on edge over the prospect of higher-for-longer U.S. interest rates. 

But the yellow metal stuck largely within a trading range of $2,000 and $2,050 established over the past week, with traders now awaiting more cues on the path of interest rates.

The dollar rose on Thursday after data on unemployment benefits again pointed to a resilient U.S. labor market, reinforcing the Federal Reserve's message that interest rates are unlikely to be cut in the near term.

The number of Americans filing new claims for unemployment benefits fell more than expected last week, the latest sign of labor market strength despite a recent spike in layoffs.

Oil prices settled higher, as fading hopes of a Gaza ceasefire agreement cooled concerns about potential supply disruptions in the Middle East, but gains were stifled by a larger than expected build in U.S. crude inventories. 

At 14:30 ET, Crude Oil WTI Futures futures settled up 0.8% to $73.86 per barrel. 

The Bitcoin (BTC) community of developers is getting a new standard for making proposals to the network from iconic proponent Samson Mow. Taking to his official X account, Mow declared that the time for "campaigning" for changes to the Bitcoin protocol is over as the coin must keep up with its growing fame.

According to Samson Mow, Bitcoin is becoming the world's new reserve asset; as such, "there must be a higher standard for any proposed changes. Value to the protocol must be first demonstrated with functioning prototypes bearing commercial use."

Gold prices kept to a tight range on Friday and were headed for a second straight week in red as anticipation of more cues on U.S. interest rates kept traders skittish, with key inflation data and a Federal Reserve meeting now in focus.

On the other hand, copper prices were headed for a strong weekly performance after top importer China rolled out more stimulus measures, driving up hopes that demand for the red metal will remain strong.

Oil prices retreated Tuesday on continuing worries about the extent of demand growth in the coming year, even amid escalating tensions in the oil-rich Middle East.

By 09:00 ET (14.00 GMT), the U.S. crude futures traded 0.9% lower at $76.13 a barrel and the Brent contract dropped 0.9% to $81.08 a barrel.

The dollar gained against the euro on Monday as investors prepared for the prospect that the Federal Reserve could push back against expectations of an imminent rate cut when it concludes its two-day meeting on Wednesday.

Traders have cut odds that the U.S. central bank will reduce rates in March to 48%, from 89% a month ago, according to the CME Group’s FedWatch Tool, as data reinforces a view that the U.S. economy remains solid.

Oil prices rose for a second week in a row and settled at their highest in nearly two months on Friday as positive U.S. economic growth and signs of Chinese stimulus boosted demand expectations, while Middle East supply concerns added support.

Brent crude futures rose $1.12, or 1.4%, to settle at $83.55 a barrel, their highest close since Nov 30. U.S. West Texas Intermediate crude (WTI) (CLc1) climbed 65 cents or 0.8% to $78.01, also the highest close since November.

The U.S. dollar steadied in early European trade Friday after gains on the back of strong U.S. growth data, while the euro retreated in the wake of the latest European Central Bank meeting.

At 03:50 ET (08:50 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded flat at 103.372, on course for a small weekly gain after climbing about 0.2% overnight.