Gold prices fell on Friday, to head for the first loss in 7 days, due to profit-taking from a 5-month high, but remains on track for a weekly gains thanks to strong safe haven demand in most global markets.

Gold prices fell 0.5% to $1,852.31 an ounce, after opening at $1,861.59, and hit a low of $1,862.47.

Gold closed higher by 0.7% yesterday, in the sixth straight daily gain, and hit the highest since last July at $1,868.57.

Gold prices gained 2.0% so far this week, to head for the second weekly gain in a row, due to concerns over the rising inflation rate in most parts of the world, especially in the US.

The US inflation rate saw a historic jump, after consumer prices rose to the highest level since 1990 during in October, which increased safe have demand for the precious metal.

Gold stocks at the SPDR ETF rose by 0.58 metric tonnes yesterday, with the total at 975.41 metric tonnes.

Most of the US stock indices rose on Thursday, except Dow Jones, lifted by the recovery of the tech and energy sectors.

US President Joe Biden stressed today that the global spike in energy prices is the reason behind the rise in the inflation rate, adding that his administration will continue to pressure OPEC to increase supply.

Data showed that the US inflation rate rose by 6.2% y/y in October, which is the highest level since 1990.

News agencies reported that President Biden will meet his Chinese counterpart Xi Jinping next Monday to discuss the lingering trade tensions between the world's two largest economic powers.

To the oil market, WTI December futures rose 0.3% or 25 cents, and closed at $81.59 a barrel.

Brent January futures rose 0.3% or 23 cents, and closed at $82.87 a barrel.

As for stocks, Dow Jones fell 0.4% or 158 points, and closed at 35,921, with a day high of 36,108, and a low of 35,915.

S&P 500 rose 0.1% or 2 points to 4,649, after hitting a high of 4,664 and a low of 4,648 points.

Nasdaq rose 0.5% or 81 points to 15,704, with a high of 15,768 and a low of 15,695.

Oil prices rose on Thursday, and erased early losses, despite the US dollar's rise against most currencies and OPEC's negative report.

OPEC stated in its monthly report that global demand will grow by about 5.7 million barrels per day in 2021 to 96.4 million bpd, which is less by about 0.2 million from its previous estimate.

OPEC kept its global demand growth forecast in 2022, with a rise of about 4.2 million bpd to 100.6 million bpd.

OPEC oil production rose about 217,000 bpd to 27.4 million bpd in October.

The US Energy Information Administration reported today that crude inventories rose 2 million barrels to 435.1 million barrels during the past week, while analysts forecast a rise by 2 million barrels.

The Energy Information Administration estimated in its monthly report that the US oil production will rise by 1% to 11.13 million barrels per day in 2021.

The dollar index rose against a basket of major currencies by 0.3% to the highest level in 16 months at 95.1 points as of 20:00 GMT, after hitting a high of 95.1 points and a low of 94.8 points.

As of 19:57 GMT, WTI December futures held at $81.3 a barrel.

Brent January futures rose 0.1% to $82.6 a barrel.

The US dollar rose against most of its peers on Thursday, lifted by strong safe haven demand amid growing inflation concerns.

Data showed that the US inflation rate rose by 6.2% y/y in October, which is the highest level since 1990.

US President Joe Biden commented on the data, saying that it was necessary to address high inflation and prices gains.

Biden stressed today that the global spike in energy prices is the reason behind the rise in the inflation rate, adding that his administration will continue to pressure OPEC to increase supply.

News agencies reported that President Biden will meet his Chinese counterpart Xi Jinping next Monday to discuss the lingering trade tensions between the world's two largest economic powers.

The dollar index rose against a basket of major currencies by 0.3% to the highest level in 16 months at 95.1 points as of 20:08 GMT, after hitting a high of 95.1 points and a low of 94.8 points.