Gold extends losses on stronger dollar, possible rate hike.
Gold extended losses on Friday , weighed down by a stronger US dollar and expectations of the US Federal Reserve will hike rates next week.
Spot gold was down 0.3 percent at $1167.40 an ounce by 0054 GMT, on track for a fifth consecutive weekly decline.US gold futures shed 0.2 percent to $1169.60 per ounce.
The Fed is expected to hike rates at its policy meeting next Tuesday and Wednesday, a move seen as negative for gold, as higher US rates lift the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.
Oil hold gains on hopes for non-OPEC output cuts.
Oil prices were steady on Friday, holding around 2 percent gains from the previous session on optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production.
Further, Brent and US benchmarks climbed on Thursday after the former secretary general of the OPEC made comments supportive of non-member production cuts.