Gold prices weakened slightly on Monday (August 4th) as investors took profits after a sharp rise in the previous session on weaker-than-expected US employment data, which raised expectations of a US Federal Reserve interest rate cut in September. Spot gold prices fell 0.1% to $3,360.62 per ounce, as of 04:32 GMT. Bullion prices rose more than 2% on Friday. However, US gold futures rose 0.4% to $3,412.80. "Gold started the week conservatively after Friday's price surge. A combination of profit-taking and a stabilizing dollar has led to a slight weakening of gold at the start of the week,"...
Oil prices fell on Monday (August 4th) after OPEC+ agreed to a major production increase in September, which will boost supply. However, concerns about disruptions to Russian oil shipments to top importer India limited losses. Brent crude futures fell 18 cents, or 0.26%, to $69.49 a barrel at 04:56 GMT, while U.S. West Texas Intermediate crude was at $67.21 a barrel, down 12 cents, or 0.18%, after both contracts closed about $2 a barrel lower on Friday. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed on Sunday to increase oil production...
Gold price (XAU/USD) pulls back from the $3,369 region, or over a one-week top touched during the Asian session on Monday, and for now, seems to have stalled last week's goodish recovery move from a one-month low. The US Dollar (USD) attracts some buyers at the start of a new week and reverses a part of Friday's weaker US jobs data-inspired slump amid a modest rebound in the US Treasury bond yields. This, in turn, is seen as a key factor acting as a headwind for the precious metal. Any meaningful USD positive move, however, seems elusive in the wake of the growing acceptance that the...