Gold closes higher, but logs weekly loss
Gold prices rose on Friday, as the US dollar fell against its peers, but the precious metal posted a weekly loss.
The markets are focused on the ongoing discussions between the White House and the US Congress over President Joe Biden's $1.9 trillion Covid-19 relief plan.
The US Treasury Secretary Janet Yellen said during her interview with CNBC yesterday that the US economy could return to growth and full employment in 2022 if President Joe Biden’s $1.9 trillion coronavirus relief package is passed Congress.
The dollar index fell against a basket of major currencies by 0.3% to 90.3 points as of 19:49 GMT, after hitting a high of 90.6 points and a low of 90.1 points.
Gold April futures rose 0.1% or $2.4, and closed at $1,777.4 an ounce, and posted a weekly loss of 2.5%, with today's high at $1,790.9 and the low at $1,759.
US oil rigs count falls slightly this week - Baker Hughes
Baker Hughes Co. reported today that the number of US oil rigs fell by 1 to 305 rigs this week.
The number of natural gas rigs rose by 1 to 91 rigs, with the total number of natural gas and oil holding at 396 rigs.
Oil falls for second straight day, US crude drops nearly 2%
Oil prices fell on Friday, as the US dollar fell against its peers, while the US crude pared its 13-month high.
The US Energy Information Administration reported on Wednesday that crude inventories fell 7.3 million barrels last week, beating forecasts of a drop by 2.1 million barrels.
This came as the cold weather conditions in country started to recede.
Baker Hughes Co. will report later today its count of the US oil and natural gas rigs for this week.
The dollar index fell against a basket of major currencies by 0.3% to 90.3 points as of 17:49 GMT, after hitting a high of 90.6 points and a low of 90.1 points.
As of 17:44 GMT, WTI crude March futures fell 1.7% to $59.4 a barrel, after hitting a day high of $60.2 and a low of $58.5.
Brent April futures fell 1.2% to $63.1 a barrel, after hitting a high of $63.9 and a low of $62.09.
US manufacturing growth slows in January
Data showed today that the US manufacturing sector growth slowed in January unlike the services sector that grew better than expected.
The US manufacturing PMI slowed to 58.5 points in January, from 59.2 points in December, beating forecasts of a drop to 58.4.
The US services PMI rose to 58.9 points from 58.3 in December, beating forecasts of 57.9 points.