Gold prices fell on Monday, and pulled back from 5-month highs hit on Friday due to profit-taking, which came after posting the largest weekly gain in half a year.

Gold prices fell 0.6% to $1,856.29 an ounce, after opening at $1,868.12, and hit a high of $1,868.15.

Gold closed higher by 0.1% on Friday, the seventh straight daily gain, and hit a 5-month high at $1,868.67 an ounce.

Gold prices gained 2.5% last week, the largest weekly gain since May, thanks to strong safe-haven demand due to inflation concerns.

The US inflation rate saw a historic jump, after consumer prices rose to the highest level since 1990 during in October, which increased safe have demand for the precious metal.

Consumer prices jumped in most parts of the world, which increased doubts about the ability of most central banks to deal with the rising inflation rate.

Gold stocks at the SPDR ETF remained unchanged on Friday, with the total at 975.41 metric tonnes.

Baker Hughes Co. reported today that the number of US oil rigs rose by 4 to 454 rigs this week.

The number of natural gas rigs rose 2 to 102 rigs, with the total number of natural gas and oil rising by 6 to 556 rigs.

Oil prices fell on Friday, despite the US dollar's rise against most currencies, while investors parse OPEC's monthly report.

OPEC stated in its monthly report that global demand will grow by about 5.7 million barrels per day in 2021 to 96.4 million bpd, which is less by about 0.2 million from its previous estimate.

OPEC kept its global demand growth forecast in 2022, with a rise of about 4.2 million bpd to 100.6 million bpd.

OPEC oil production rose about 217,000 bpd to 27.4 million bpd in October.

Baker Hughes revealed that the number of US oil rigs rose by 4 to a total of 454 rigs this week.

The dollar index fell against a basket of major currencies by 0.1% yo 95.09 points as of 18:52 GMT, after hitting a high of 95.2 points and a low of 95 points.

As of 18:52 GMT, WTI December futures fell 1.3% to $80.5 a barrel.

Brent January futures fell 1.2% to $81.8 a barrel.

Gold prices rose on Friday, as the US dollar fell against most currencies, amid lingering concerns over the US inflation rate.

Data showed that the US inflation rate rose by 6.2% y/y in October, which is the highest level since 1990.

US President Joe Biden stressed that the global spike in energy prices is the reason behind the rise in the inflation rate, adding that his administration will continue to pressure OPEC to increase supply.

President Biden will meet his Chinese counterpart Xi Jinping in a virtual online summit.

The dollar index fell against a basket of major currencies by 0.1% yo 95.09 points as of 19:05 GMT, after hitting a high of 95.2 points and a low of 95 points.

Gold spot prices rose 0.3% to $1,869.8 an ounce as of 19:05 GMT.