Gold prices moved higher on Monday, as sentiment on the U.S. dollar weakened due to a decline in bond yields and as traders grew more cautious ahead of new Federal Reserve
Crude Oil Prices Near 2-Week Highs on Saudi Remarks – Crude oil prices were hovering near two-week highs on Monday, helped by news Saudi Arabia plans to continue cutting output levels and as last week’s upbeat U.S. supply data also continued to support. Oil prices strengthened after Saudi oil minister Khalid al-Falih said over the weekend that the country’s oil production in January-March would be well below output caps, with exports averaging below 7 million barrels per day (bpd). Falih added that he hopes global oil producers will be able to create a permanent framework to stabilize oil markets after the current supply cut deal ends this year. The Organization of the Petroleum Exporting Countries (OPEC), along with some non-OPEC members led by Russia, agreed in December to extend oil output cuts until the end of 2018. The deal to cut oil output by 1.8 million barrels a day (bpd) was adopted last winter by OPEC, Russia and nine other global producers. The agreement was due to end in March 2018, having
already been extended once.
Gold Prices Rebound as U.S. Dollar Weakens – Gold prices moved higher on Monday, as sentiment on the U.S. dollar weakened due to a decline in bond yields and as traders grew more cautious ahead of new Federal Reserve head Jerome Powell’s testimony this week. The greenback had strengthened broadly after the minutes of the Fed’s January policy meeting showed last week that central bank officials see increased economic growthand rising inflation as justification to continue to raise interest rates gradually. But traders became more cautious as Powell was set to testify on the central bank’s semi-annual report on monetary policy and the economy on Tuesday before the U.S. House of Representatives’ Financial Services Committee. The U.S. dollar also weakened as the U.S. 10-year Treasury yield continued to pull away from last week’s four-year high of 2.957%.
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