Gold prices fell on Monday, and pulled back from a 2-week high on correction and profit-taking, as the US dollar rebounded against a majority of rivals.

Gold prices fell 0.4% to $1,771.81 an ounce, after opening at $1,778.56, and hit a high and the highest since August 6 at $1,782.64.

Gold closed higher by 1.6% on Friday, after the release of weak US data and the US dollar's drop.

Gold prices gained 0.9% last week, thanks to recovery from a 5-month low of $1,683.67 an ounce, as the US dollar's rally halted.

The dollar index rose more than 0.1% today, which weighs down on demand for gold and other dollar-denominated metals prices.

Investors will gather new data this week on US economic performance, which will help determine the future of monetary policy in the US, especially the Federal Reserve's meeting minutes on Wednesday.

Gold stocks at the SPDR ETF fell 1.75 metric tonnes on Friday, with the total at the lowest level since May 5 at 1,021.79 metric tonnes.

Oil prices fell on Monday, suffering losses for the third straight day, after the release of weak data in China, which renewed demand concerns in the world's second largest oil consumer.

US crude fell 1.5% to $66.89 a barrel, after opening at $67.93, and hit a day high at $68.25, and Brent crude fell 1.25% to $69.14, after opening at $70.00, and hit a day high at $70.42.

US crude lost 1.4%, and Brent crude fell 1.3% on Friday, in their straight daily loss, after the International Energy Agency warned of a slowdown in global demand due to rising coronavirus cases in most parts of the world.

The International Energy Agency slashed its global oil demand growth forecast, as demand growth fell during the second half of 2021, due to new lockdown restrictions in many of the most fuel consuming countries, especially in Asia.

Data showed today slowdowns in the Chinese factory production growth and retail sales during July, due to the new Covid-19 outbreak in addition to the floods that disrupted business activity.

Oil refining in China fell during July to the lowest level since May 2020, after independent refineries lowered production due to weak demand and withdrawal levels .

Euro fell in European trade against dollar on Monday away from week highs on profit-taking, while interest in dollar climbs amid prospects of earlier than expected US policy tightening. 

EUR/USD fell 0.15% to 1.1778, with an intraday high at 1.1800, after closing up 0.55% on Friday, the second profit in three days, and the largest since May 18, marking week highs at 1.1804. 

Euro continues to move away from five-month lows at 1.1705, while marking the largest profit in three months after disappointing data back then from the US. 

The data showed the UoM consumer sentiment survey fell in August to 2011 lows due to concerns about the new Delta strain of the coronavirus. 

The dollar index rose over 0.1% on Monday against a basket of major rivals amid renewed interest in the greenback. 

Investors will gather new data this week on US economic performance, which will help determine the future of monetary policy in the US. 

Baker Hughes Co. reported today that the number of US oil rigs rose by 10 to 397 rigs this week.

The number of natural gas rigs fell by 1 to 102 rigs, with the total number of natural gas and oil rising by 9 to 499 rigs.