Gold prices fell on Thursday, and pulled back from a 2-month high on profit-taking, and after the US T-bond yields rebounded.

Gold prices fell 0.6% to $1,783.57 an ounce, after opening at $1,793.75, and hit a high of $1,797.83

Gold closed higher by 0.8% yesterday, in the second straight daily gain, thanks to strong safe haven demand.

The 10-year US treasury yields rose 1% today, and rebounded from a 1-week low of 1.531%, which lowers gold attractiveness.

These developments in the US bond market came due to market's bets on rising US inflation, despite of the Federal Reserve successive assurances that the recent prices hike is temporary.

Gold stocks at the SPDR ETF remained unchanged yesterday, with a total at 1,021.70 metric tonnes.

Oil prices fell on Thursday, to head for the third straight daily loss, and hit a 1-week low on demand concerns in India and Japan, in addition to unexpected build in the US crude inventories.

US crude fell 0.8% to a 1-week low of $60.64 a barrel, after opening at $61.11, and hit a high at $61.24, and Brent crude fell 0.75% to the lowest since April 18 at $64.60 a barrel, after opening at $65.09, and hit a high of $65.22.

US crude lost 2.2% yesterday, and Brent crude futures fell 1.8% and posted the second consecutive daily loss, due to concerns over the Asian demand.

The Indian health authorities announced on Wednesday the highest daily death toll from Covid-19, amid a huge crisis of oxygen shortage.

To mitigate these developments, the Indian authorities may resort to tightening the lockdown, which would weigh down on fuel consumption in the third largest oil consumer in Asia, which forced refiners to reduce operations.

While the Japanese Radio and Television Corporation said that the government is considering imposing a state of emergency in Tokyo and Osaka due to the rising number of Covid-19 cases.

The Energy Information Administration reported yesterday that the US crude inventories rose 600K barrels to 493 million barrels during the week ending April 16, while analysts forecasts a drop by 3.7 million barrels.

The US production remained unchanged last week, with a total of 11 million barrels per day.

At 12:30 GMT, the US economy released its reading of the unemployment claims for the week ending April 16 at 547K, the lowest reading since March 2020, better than forecasts of 607K, and better than the previous reading of 576K after it was revised from 586K. This data is positive for the US economy.

Oil prices continued to drop as the US market opened on Thursday, to head for the third straight daily loss, and hit a 1-week low on demand concerns in India and Japan, in addition to unexpected build in the US crude inventories.

US crude fell 0.8% to a 1-week low of $60.64 a barrel, after opening at $61.11, and hit a high at $61.24, and Brent crude fell 0.75% to the lowest since April 18 at $64.60 a barrel, after opening at $65.09, and hit a high of $65.22.

US crude lost 2.2% yesterday, and Brent crude futures fell 1.8% and posted the second consecutive daily loss, due to concerns over the Asian demand.

The Indian health authorities announced on Wednesday the highest daily death toll from Covid-19, amid a huge crisis of oxygen shortage.

To mitigate these developments, the Indian authorities may resort to tightening the lockdown, which would weigh down on fuel consumption in the third largest oil consumer in Asia, which forced refiners to reduce operations.

While the Japanese Radio and Television Corporation said that the government is considering imposing a state of emergency in Tokyo and Osaka due to the rising number of Covid-19 cases.

The Energy Information Administration reported yesterday that the US crude inventories rose 600K barrels to 493 million barrels during the week ending April 16, while analysts forecasts a drop by 3.7 million barrels.

The US production remained unchanged last week, with a total of 11 million barrels per day.