Gold and oil prices are under pressure due to a stronger US dollar and mixed economic data, with gold experiencing a decline after reaching a record high and oil potentially facing its second weekly loss.

Gold has rallied significantly following a drop in US inflation rates, while Brent crude remains buoyed by a weaker dollar.

Gold has breached its 50-day moving average on US jobs data, eyeing $2400 amid softening labor trends, while Brent holds near 2-month highs amid US supply risks and a weaker dollar, both vulnerable to reversals on stronger economic reports.

A lower-than-expected PCE reading may contribute to a much anticipated rate cut. However, a stronger inflation reading could force the Fed to delay policy easing. The markets are pricing in a 74.3% probability of a September rate cut.