The U.S. dollar slipped marginally Friday, while the euro also fell, heading for a sharp weekly loss amid political turmoil in the region. 

At 04:20 ET (08:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 105.125.

Oil prices settled lower Thursday, as concerns over supply outstripping demand persist a day after a surprise build in U.S. crude inventories, but losses were kept in check by signs of cooling U.S. inflation.

At 14:30 ET (18:30 GMT),  West Texas Intermediate crude futures fell 0.2% to $78.62 a barrel and theBrent oil futures fell 0.4% to $82.27 a barrel.

Wells Fargo highlighted the impressive performance of gold in 2024, which is currently holding near record highs.

The bank points out gold's year-to-date gain in USD, outperforming the broader commodity market. Strong global demand, central bank buying, and geopolitical tensions are cited by Wells Fargo as key drivers behind this surge.

The dollar hit a four-week high on Tuesday, ahead of a highly anticipated inflation report that is likely to influence the timing of the first rate cut by the U.S. Federal Reserve, while the euro was pressured by political uncertainty in the European Union.

Stronger-than-expected jobs gains and higher wage inflation in Friday's U.S. jobs report for May raised concerns that inflation may remain sticky while growth stays strong, making the U.S. central bank less likely to cut rates in the coming months.

Crude prices rose Monday, steadying after three straight weeks of losses ahead of monthly reports from OPEC and the IEA, as well as the latest meeting of the Federal Reserve.

By 08:03 ET (12:03 GMT), U.S. crude futures (WTI) traded 1.1% higher at $76.33 per barrel, while the Brent contract climbed 1.0% to $80.45 a barrel.

In a note Monday, UBS analysts advised that recent dips in the gold price are opportunities to buy, not sell. The firm's note follows a more than 3% decline in the yellow metal on Friday after the latest US employment data.

Employment and earnings data sprung positive surprises. Key factors to watch this week include the May US Consumer Price Index (CPI) and the Federal Reserve meeting.

The U.S. dollar traded largely unchanged in early European trade Friday as traders awaited the release of key U.S. employment data, while the euro steadied after the European Central Bank’s historic rate cut. 

At 05:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded flat at 104.060.

Oil prices edged down on Friday and posted a third straight weekly loss as investors weighed OPEC+ reassurances against the latest U.S. jobs data that lowered expectations that the Federal Reserve will cut interest rates soon.

Brent crudefutures settled 25 cents lower at $79.62 a barrel, while U.S. West Texas Intermediate crude (WTI) (CLc1) fell 2 cents to $75.53.

Bitcoin bears might be in danger as open interest on the shorts' side is slowly climbing up on a par with the spot buying volume. Such a divergence quite often leads to short squeezes which, in the case of Bitcoin, will most likely lead to a breakthrough and a move toward $100,000.

Spot Cumulative Volume Delta (CVD) is the first thing to notice. On the spot market, this metric displays the total net buying or selling. In this instance, there is a growing spot buy delta, and the Spot CVD is leading with the price. According to this, the recent upswing in Bitcoin prices is being driven by the spot market. Put simply, as more people purchase Bitcoin on the spot market, the price rises.

Gold prices rose in Asian trade on Friday, coming close to key highs as bets on interest rate cuts by the Federal Reserve grew in anticipation of key nonfarm payrolls data due later in the day.

The yellow metal was set for weekly gains as a string of week U.S. economic readings pushed up expectations that the Fed will begin cutting rates in September. This notion pushed the dollar to two-month lows.