Oil price declines boost gold prices, gold poised for its biggest weekly gain since August

⑴Spot gold fell slightly by 0.3% to $4,068/oz on Friday, with a cumulative gain of over 3.8% this week; US gold futures dropped 0.7% to $4,076/oz. ⑵The US dollar benefited from safe-haven buying, the technology sector continued to pull back, and the market is concerned that AI investment returns may fall short of expectations. ⑶Two Federal Reserve officials expressed support for steady and moderate rate hikes. The market is awaiting the US October nonfarm payrolls data tonight to assess the likelihood of a December rate hike. The market expects an increase of 60,000 jobs and an unemployment rate holding at 4.2%. ⑷Brent crude oil is expected to decline by about 13% this week, as bets on further escalation of Middle East conflict decrease. Eased inflation concerns are favorable for gold. ⑸Iran has conveyed its nuclear proposal to the US via Qatar, with several attached demands to the related negotiations, and geopolitical uncertainty persists.