Gold was down on Monday morning in Asia. However, lower U.S. Treasury yields in addition to concerns over the rising number of COVID-19 cases globally and its impact on the global economic recovery capped losses for the yellow metal.
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Gold was down on Friday morning in Asia but was headed for a fourth consecutive weekly gain. The yellow metal was boosted by U.S. Federal Reserve Chairman Jerome Powell’s insistence that any inflation will be transitory and that the central bank would continue to support the economy.
Oil prices extended losses on Thursday as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose last week, raising concerns about demand at the world’s largest consumer.
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Oil prices gained almost 2 percent on Tuesday after the International Energy Agency said the market should expect tighter supply for now due to disagreements among major producers over how much additional crude to ship worldwide.
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