Spot gold slipped below $4,000 an ounce Friday. CNBC reported the break. Spot prices fell 0.6 percent to $3,998.49 by mid-afternoon Eastern. That was the first move under $4,000 since mid-July. Bullion was down about 4 percent on the week. CNBC said that pace put gold on course for its worst week since June.

US gold futures for December delivery settled 1.3 percent lower at $4,007.90 an ounce. CNBC tied the slide to higher energy prices. Traders also raised bets that the Federal Reserve will keep interest rates elevated. The next Fed policy meeting is due next week. Brent crude touched a more than five-month high. Houthi attacks in Saudi Arabia raised oil supply worries, CNBC said.

The Financial Times also covered the weekly gold pullback. Oil-driven inflation fears weighed on non-yielding bullion. Higher real rates typically pressure gold. They raise the opportunity cost of holding metal that pays no interest. Safe-haven demand did not offset that drag on Friday.

Gold had traded above $4,000 for months before the Friday break. The metal often rises when rate-cut bets grow and falls when those bets fade. Oil above recent ranges complicates the Fed picture. CNBC said markets now wait on the coming policy meeting for the next cue. The Financial Times coverage matched the weekly-loss theme.

Traders also watched the dollar and Treasury yields as gold sold off. A firm dollar often weighs on dollar-priced metal. CNBC said next week's Fed decision is the next big calendar item. The Financial Times kept the same weekly-loss frame in its markets coverage. Bullion bulls now wait to see if $4,000 becomes a ceiling or a floor.

What we know: Spot gold closed Friday under $4,000 with the steepest weekly drop in months as oil and rate bets rose.
What we don't: Whether the Fed meeting next week extends the selloff or sparks a rebound.