Gold prices rose on Monday, to extend recovery for the second straight day from a 2-month low, to hold above the $1,800 barrier on strong retail demand.

Gold prices rose 1.0% to $1,823.09 an ounce, after opening at $1,815.78, and hit a high of $1,807.81.

 The yellow metal gained 1.1% on Friday, and posted the first gain in 4 days, within recovery attempts from a 2-month low at $1,784.94 , as the US dollar fell after disappointing jobs data in the US.

Gold prices lost 1.8% last week, and posted the second straight weekly loss due to the US dollar's rally against its peers.

Gold prices rose this week and continued to recover for the second straight day, thanks to retail demand and bargain hunting after prices fell to a 2-month low, in addition to finding support around the $1,800 barrier.

Gold prices are also lifted by safe-haven demand due to growing doubts about the US economy's recovery, after January's weak jobs report.

Gold stocks at the SPDR ETF fell 3.33 metric tonnes on Friday, with the total at the lowest level since June 12 of 1,156.51 metric tonnes.

Oil prices rose on Monday, extending gains for the sixth straight day, as the US crude hit its 13-month high while Brent jumped above $ 60 a barrel for the first time since January 2020, thanks to the OPEC-Plus collation's efforts to balance the market, and hopes about the US stimulus measures.

US crude rose 1.25% to the highest level since January 2020 at $56.95 a barrel, after opening at $56.95, and hit a low of $56.95, and Brent crude rose 1.1% to the highest since January 2020 at $60.24 a barrel, after opening at $59.58, and hit a low of $59.52.

US crude rose 0.9% on Friday, while Brent crude futures rose 0.9%, in their fifth straight daily gain.

Oil prices gained 9% last week, thanks to signs of economic growth in the US, and improved fuel consumption in the world's largest consumer.

The meeting of OPEC-Plus Joint Ministerial Committee, which is held to review the global output cut agreement, concluded with an agreement to keep the current production levels unchanged until the end of March.

OPEC-Plus agreed on early December to increase output by 500,000 barrels per day starting from January 2021, and agreed to hold a monthly ministerial meeting to review the market situation and adjust production levels accordingly.

Saudi Arabia also announced a voluntary output cut of about one million barrels per day during February and March to balance the market.

US President Joe Biden administration is working with the Congress to push through extra stimulus to quickly overcome the pandemic impact.

Asian stock indices opened the first session of the week higher on stimulus prospects after US President Joe Biden pledged to take emergency steps to launch the $1.9 trillion covid relief package. 

Biden also stated in a recent interview that he's ready for "extreme competition" with China within the global economy, but not in the way the Trump's administration did it.. preferring to follow international rules. 

Earlier Japanese data showed current account surplus at 2.28 trillion yen, down from 2.34 trillion in November.

Bank of Japan's bank lending index rose 6.1% in January, slowing down from 6.2% in December, while the current conditions survey fell to 31.2 from 35.5. 

Japan's TOPEX rose 1.72%, while Nikkei 225 climbed 2.08% to 29,378. 

China's CSI 300 rose 1.64%, while Shanghai added 1.28% to 3,541. 

Hong Kong's Hang Seng rose 1.06% to 29,599, while South Korea's KOSPI climbed 0.10% to 3,123. 

New Zealand's NZX 50 rose 0.48%, while Australia's S&P/ASX 200 rose 0.83% to 6,897. 

USD/JPY tilted higher in Asian trade off March 2020 lows, following earlier data from Japan and amid a lack thereof from the US. 

As of 06:59 GMT, USD/JPY rose 0.08% to 105.50, with an intraday high at 105.55, and a low at 105.33. 

Earlier Japanese data showed current account surplus at 2.28 trillion yen, down from 2.34 trillion in November.

Bank of Japan's bank lending index rose 6.1% in January, slowing down from 6.2% in December, while the current conditions survey fell to 31.2 from 35.5.