bonds headed for their first weekly gain in a month on Friday, with economic growth worries tempered by a view that sliding copper and other commodity prices could brake runaway inflation.

Copper, a bellwether for economic output with its wide range of industrial and construction uses, is heading for its steepest weekly drop since March 2020.

Gold was up 0.29% at $1,828.50 per ounce but was heading for a second straight weekly fall.

After heavy recent losses, MSCI's World equities index was up 0.3% on the day and 2.4% this week, setting it up for the first weekly gain since May.

Britain's FTSE rose 0.73%, also showing a small uptick on the week.

"While market worries about an abrupt slowdown are the culprit behind recent moves lower in raw materials prices, lower commodity prices do feel like they could be just what the doctor ordered for the global economy," said NatWest markets strategist Brian Daingerfield.

"So much of our hard-landing fears relate to concerns that link back to commodity prices.".

The German 10-year yield was down 4 bps on Friday after slumping 29 bps on Thursday, and was heading for its first weekly drop since mid-May.

Bond funds suffered their largest outflows since April 2020 in the week to Wednesday while equities lost $16.8 billion as markets were stuck in maximum bearish mode, BofA's weekly analysis of flows showed on Friday.

The battered yen has steadied this week and drew a little support on Friday from Japanese inflation topping the Bank of Japan's 2% target for a second straight month, putting more pressure on its ultra-easy policy stance.

Japan's Nikkei rose 1.2% for a 2% weekly gain.

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