Brent crude continued to rise as the US market opened on Monday, for the second day in a row, within recovery from a 4-week low, on global demand hopes after Saudi Aramco raised December's selling prices.

Brent crude rose more than 1.7% to $83.98 a barrel, after opening at $82.55, and hit a low at $82.55.

Brent rose 1.75% on Friday, after hitting the lowest since October 7 at $80.22 a barrel.

Oil prices lost 2% last week, the second straight weekly loss, due to US oversupply concerns and the resumption of Iranian nuclear talks.

Saudi Aramco raised its December official selling price for Arab light crude to $2.7 a barrel from $1.4 during November.

The move to increase export prices means that global demand is strong, and that the OPEC-Plus producers will not increase output higher than previously planned levels.

OPEC Plus decided last week to keep the production policy unchanged, with full commitment to the current supply ceiling, and disregarded several major countries repeated calls, led by the US and India, to increase production and curb prices to support the global economic recovery.

The US dollar fell against a basket of major currencies on Monday, deepening losses for the second straight day, and pulled back from a 14-month high due to profit-taking and low demand, ahead of Federal Reserve Chair Jerome Powell's statements later today.

The dollar index fell 0.1% to 94.15 points, after opening at 94.25 points, and hit a high at 94.38 points.

The index lost 0.1% on Friday, due to corrections and profit taking from a 14-month high.

The dollar index gained more than 0.1% last week, its second straight weekly gain, after cautious hints by several global central banks about interest rates.

Federal Reserve Chairman Jerome Powell stated last week that the rise in inflation is temporary and will not to require a fast interest rate hike.

These statements lowered the chances of the Federal Reserve to start raising interest rates during the first half of 2022, while investors await Jerome Powell's remarks later today.

At 15:30 GMT will deliver the opening speech at an online conference hosted by the Federal Reserve Board, during which he is expected to talk about the US economic updates and the future of monetary policy tightening.

Silver prices rose on Monday, extending gains for the third day in a row and hit a 2-week high, as the US dollar fell against its peers, and amid hopes about demand in China.

Silver prices rose 0.6% to the highest since October 26 at $24.31 an ounce, after opening at $24.17, and hit a high of $24.05.

Silver closed higher by 1.5% on Friday, second straight daily gain as most dollar-denominated metals rose.

The white metal gained 1.1% last week, after cautious hints by the central banks of the US, England and Japan.

The dollar index fell 0.1% today, and pulled back from its 14-month high of 94.62 points against a basket of major rivals, which lifts demand for dollar-denominated metals.

Alongside profit-taking, the US dollar is falling due to lower chances of the Federal Reserve to start raising interest rates during the first half of 2022.

Gold prices fell on Monday, and pulled back from 2-month highs hit earlier on profit-taking, but today's loss remains limited as the US dollar fell against its peers, and amid hopes about demand in India.

Gold prices fell 0.3% to $1,812.43 an ounce, after opening at $1,818.31, and hit a high of $1,821.40.

Gold closed higher by 1.5% on Friday, the largest daily gain since October 13, thanks to the strong demand after several global central banks decisions.

Gold prices gained 1.9% last week, the largest weekly gain in 3 months, after cautious hints by several global central banks about interest rates increased safe-haven demand.

The US Federal Reserve stated last week that the rise in inflation is temporary and will not to require a fast interest rate hike, while the Bank of England surprised markets by keeping interest rates unchanged, after many expected a rate hike by a quarter-point.

The dollar index fell 0.1% today, and pulled back from its 14-month high of 94.62 points against a basket of major rivals, which lifts demand for dollar-denominated metals.

Gold stocks at the SPDR ETF remained unchanged on Friday, with the total at the lowest level since April 2, 2020 at 975.41 metric tonnes.