Oil headed for the longest run of weekly declines in three years, dragged down by everything from an emerging-market rout to rising global supplies and lingering concerns over a spat between the world’s biggest economies.

Gold prices edged higher in early trade on Friday as dollar held steady, but the metal remained on track to post its biggest weekly decline since May 2017.

Oil prices fell on Friday, with U.S. crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products.

Oil rose slightly as global markets steadied on Thursday, recovering some of the previous day's 2 percent slide, though a weakening outlook for crude demand kept prices in check.

Incurable gold bulls have never been as thoroughly disillusioned as in recent times.

Comex gold futures clawed back from a 19-month low on Thursday on short-covering and as the US dollar softened following news that Beijing will hold trade talks with Washington late this month.

Rubber futures on the MCX recorded a modest turnover of ₹8 lakh on debut with just four lots and weak participation from traders. The contract opened at ₹13,250 a quintal, touched a high of ₹13,952.

Spot rubber closed unchanged on Thursday. RSS 4 finished flat at ₹133 and ₹132.50 a kg, respectively according to traders and the Rubber Board.

Gold prices bounced from 19-month lows on Thursday as the dollar slipped on news that China and the United States will hold trade talks this month, although sentiment remained negative.

Oil market sentiment remains cautious overall.