Gold prices retraced losses on Friday after a Federal Reserve official said the central bank was in no rush to tighten monetary policy this year.
Prices for front-month Brent crude futures, the international benchmark for oil, were at $52.31 per barrel at 0151 GMT, down 11 cents from their last close.
Oil prices took a vertical climb in Tuesday’s trade amid a weaker dollar, but increasing oil output by U.S. outweigh the dynamics, and uncertainty remains intact as to whether OPEC led global output cut will rebalance the oil market.
That should help support oil prices, after the recent 10 percent plunge since investors began to doubt the deal earlier this month. The international benchmark Brent crude temporarily fell below the psychological $50 level this week.
In Thursday’s trading session, gold stabilised below the 3 week peak, attained in the previous session, as the dollar recovered from its 7 week low, while traders and investors are eyeing the Healthcare Bill. While Oil prices rebounded from their lows of Wednesday’s session, Read More
The country's market regulator is expected to suggest to the Finance Ministry that a separate agency be formed for monitoring the spot market.