Gold heads for biggest weekly fall in more than four months

Gold is on track for its biggest weekly drop in more than four months, losing about 3.5% since the start of the week.

The price of gold fell to around $4,016-$4,019 an ounce on Friday, with reports giving slightly different figures.

Higher oil prices and strong US data have strengthened expectations that rates will stay high, which can make gold less attractive because it pays no interest.

Oil rose about 4% on Thursday to its highest level in five months, raising concerns about energy supply and inflation.

Investors are watching the Federal Reserve meeting on October 27 and 28 for clues on US interest rates.

Markets largely expect the Fed to leave rates unchanged, while a December increase remains possible.

US inflation data due next week will also help shape rate expectations, as investors assess whether price pressures are easing.