Gold closed the week below $4,000 an ounce, oil jumped to its highest closes since April, and Wall Street ended lower, as markets headed into a week dominated by the United States Federal Reserve. Gold finished Friday at $3,995.81 per troy ounce, down 0.71 percent on the day and about 4.1 percent for the week, while silver fell to $53.90. Brent crude climbed 3.1 percent to $116.72 a barrel and West Texas Intermediate rose 3.8 percent to $103.27.

Why oil hurt gold

Reuters reported gold was headed for its steepest weekly fall in over four months, as elevated oil bolstered expectations of higher-for-longer rates. Higher oil revives inflation fears, lifts yields and raises the cost of holding gold, which pays no interest.

Stocks and the dollar

Wall Street closed Friday lower: the Dow Jones fell 1.23 percent to 52,215.16, the S&P 500 slipped 0.52 percent to 7,623.86, and the Nasdaq eased 0.21 percent to 25,955.34. The dollar firmed as a safe haven, with the dollar index at 101.75, while Bitcoin traded around $80,792 after dipping below $80,000 earlier in the weekend.

What decides the next move

Attention now turns to the Federal Reserve's policy meeting on 27-28 October, where traders largely expect rates to be left unchanged, and to US GDP and personal consumption expenditures data due on Thursday. Markets are pricing a high chance of a December rate rise, so any signal from the Fed about that meeting could move gold, oil and stocks quickly. This is market news, not financial advice. Sources: Reuters; weekend market data as reported.