Oil prices fell on Monday on worries over China’s economy after a survey showed factory activity growing at its slowest pace in 17 months in the world’s second-largest oil consumer, concern compounded by a rise in oil output from OPEC producers.
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Gold prices were on track for their biggest weekly gain in more than two months on renewed signs that the U.S. Federal Reserve may not taper economic support and hike interest rates in the near term.
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Gold was up on Thursday morning in Asia to its highest level in over a week. The U.S. Federal Reserve did not provide a timeline for its tapering plans in its latest policy decision, adding that it was “ways away” from considering interest rate hikes.
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Gold was up on Wednesday morning in Asia, remaining close to the key psychological $1,800 mark as investors await the U.S. Federal Reserve’s latest policy decision.
Oil was up Tuesday morning in Asia, with prices steadying from Monday’s fall. Investors are hoping that tight supply and rising vaccination rates will offset the impact of rising global COVID-19 cases on fuel demand.
