Gold prices fell slightly on Friday, trimming some of their gains for the week as comments from a slew of Federal Reserve officials offered a more sobering outlook on interest rate cuts. 

The yellow metal had risen to nearly $2,400 an ounce this week in the immediate aftermath of some soft U.S. economic readings. But it pulled back from these levels on Thursday and Friday.

Oil prices settled higher Thursday, as rising hopes for U.S. rate cuts following data showing a cooling job market and weaker inflation boosted bets on firmer crude demand.  

At 14:30 ET (19:30 GMT), West Texas Intermediate crude futures rose 0.8% to settle at $79.23 a barrel, and Brent oil futures rose 0.6% to $83.27 a barrel.

The dollar dipped to a one-month low versus the euro on Wednesday amid lower Treasury yields as traders braced for a key U.S. inflation report later in the day that could dictate the path of Federal Reserve policy.

However, the yen hovered close to a two-week low as a still-gaping yield gap between local bonds and U.S. peers continued to encourage selling of the Japanese currency.

Gold prices steadied in Asian trade on Wednesday, taking advantage of a softer dollar as markets hunkered down before key U.S. consumer inflation data which is likely to factor into the outlook for interest rates. 

Among industrial metals, copper prices rose to over two-year highs, as the prospect of tighter supplies and fiscal stimulus in top importer China helped offset concerns over sluggish demand. 

Mike Novogratz, the founder of Galaxy Digital Holdings, shares his insights into the crypto market, hinting that cryptocurrencies have entered a consolidation phase. This phase, often seen as a period of stabilization following market upswings, may indicate a cooling-off period.

Consolidation is characterized by assets moving sideways within a certain range, indicating equilibrium between buyers and sellers. Novogratz believes that this might be the current phase for cryptocurrencies such as Bitcoin, Ethereum and Solana, which have seen significant volatility in recent months. The consolidation phase could be a precursor to the next bull run, depending on various market factors.

Gold prices retreated in Asian trade on Monday, consolidating some recent gains as traders turned more biased towards the dollar ahead of key U.S. inflation data due later in the week.

The yellow metal saw some strength last week as some signs of a cooling U.S. economy sparked speculation over eventual interest rate cuts by the Federal Reserve in 2024.

The dollar was steady on Tuesday as investors awaited an inflation report this week that will likely shape the U.S. rates outlook, while the yen was hovering near a two-week low, stoking intervention worries.

The currency market has been sedate this week, with investors seeking to gauge what the path the Federal Reserve will take this year in the wake of recent softer-than-expected U.S. labour market data and comments from central bankers.

The U.S. dollar steadied Friday after losing ground the previous session on weak jobs data, while the pound gained in the wake of stronger-than-expected growth numbers.

At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded just higher at 105.115.

Oil prices fell by nearly $1 a barrel on Friday as comments from U.S. central bank officials indicated higher-for-longer interest rates, which could hinder demand from the world's largest crude consumers.

Brent crude futures settled at $82.79 a barrel, down $1.09, or 1.3%. U.S. West Texas Intermediate crude settled at $78.26 a barrel, down $1.00, or 1.3%.

Bitcoin price edged higher on Friday, slightly rebounding from recent losses as traders remained largely averse to crypto markets even as soft U.S. labor data pulled down the dollar and reinforced bets on eventual interest rate cuts this year.

Fears of more regulatory action against crypto were a key weight on prices this week, amid reports of more moves by the U.S. Securities and Exchange Commission against major players in crypto. The shutdown of a popular privacy coin trading platform also rattled sentiment.