(Reuters) - Futures tied to Canada's main stock index fell on Friday amid investor concerns about the U.S. Federal Reserve's stance on keeping interest rates elevated for longer.

S&P/TSX futures dipped 0.65% by 06:59 a.m. ET (1059 GMT).

Futures tracking U.S. equities also slipped as traders weighed hawkish Fed projections against the backdrop of a cooling economy. [.N]

Oil prices eased, poised to weigh down on energy shares, although they were headed for their best week in more than two months after solid projections for crude and fuel demand. [O/R]

On the flipside, gold and silver prices rose, on track for their first weekly gain in four weeks, after U.S. economic data indicated a softening of price pressures and cooling inflation. [GOL/]

On Thursday, resource-linked shares and financial stocks led the Toronto Stock Exchange's S&P/TSX composite index to decline 1.2%, its lowest closing level since April 17.

The benchmark index is set for its fourth straight week of decline, its longest weekly losing streak in a year, as the Fed's rate projections fanned investor worries.

Traders will now be looking at upcoming Canadian manufacturing sales and wholesale data, scheduled at 08:30 a.m. ET.

In corporate news, brokerage Evercore ISI upgraded the rating on e-commerce company Shopify to "outperform" from "in line".

National Bank of Canada raised its rating on air cargo service provider Cargojet to "outperform" from "sector perform."

COMMODITIES AT 6:59 a.m. ET

Gold futures: $2333.4; +1.2% [GOL/]

US crude: $78.61; -0.01% [O/R]

Brent crude: $82.85; +0.1% [O/R]

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($1 = 1.3759 Canadian dollars)

(Reporting by Nikhil Sharma and Shristi Achar A; Editing by Shreya Biswas)