Gold prices rose on Wednesday, and hit a 2-month high while on the cusp of the second daily gain, thanks to strong safe haven demand, but today's gains remain curbed after the US T-bond yields rebounded.

Gold prices rose 0.5% to $1,788.44 an ounce, after opening at $1,778.80, and hit a low of $1,776.11.

Gold closed higher by 0.3% yesterday, and hit a 2-month high at $1,790.01 an ounce.

Most global stocks fell broadly on Tuesday, led by US stocks on Wall Street, due to profit-taking and a broad sell-off, after a strong wave of gains and new records.

10-year US treasury yields rose 1.3% today, which lowers gold attractiveness.

Gold stocks at the SPDR ETF remained unchanged yesterday, with a total at the lowest level since April 14, 2020 at 1,019.66 metric tonnes.

Oil prices fell on Wednesday, to head for the second straight daily loss, and pulled back from a 5-week high on profit-taking, amid demand concerns in India and Japan, in addition to unexpected build in the US crude inventories.

US crude fell more than 1.1% to $61.67 a barrel, after opening at $62.39, and hit a high at $62.54, and Brent crude fell 1.0% to $65.54 a barrel, after opening at $66.22, and hit a high of $66.50.

US crude lost 1.7% after hitting a 5-week high at $64.36 yesterday, and Brent crude futures fell 1.4% after hitting the highest level since March 18 at $68.04.

India announced that the total umber of infections rose to over 15 million, which makes India second only to the US in terms of the worst countries affected by pandemic.

The Indian health authorities announced on Tuesday 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.

Reuters reported that many Japanese companies believe that the Japanese economy will suffer a fourth wave of infections, which would deal another blow to businesses in the country.

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories rose 0.4 million barrels during the week ending April 16, missing forecasts of a drop by 4.4 million barrels.

While the US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 3.7 million barrels.

US stock indices fell on Tuesday, amid anticipation of more quarterly business results.

The earnings results of major companies, led by Apple, Microsoft, Tesla, Amazon and Alphabet will be released later.

The dollar index rose against a basket of currencies by 0.2% to 91.2 points as of 18:25 GMT, after it hit a high of 91.2 points and a low of 90.8 points.

Efforts to contain the Covid-19 pandemic are continuing, as the US company Johnson & Johnson reported $100 million sales of its vaccine during the first quarter.

To the oil market, To the oil market, WTI crude May futures fell 1.5%, or 94 cents, and closed at $62.44 a barrel, after hitting a high of $64.2 and a low of $61.5.

Brent June futures fell 0.7% or 48 cents, and closed at $66.57 a barrel, after hitting a high of $68.08 and a low of $65.5.

As for stocks, Dow Jones fell 0.7% or 256 points, and closed at 33,821, with a day high of 34,034, and a low of 33,687.

Nasdaq fell 0.9% or 128 points to 13,786, with a high of 13,927 and a low of 13,698 points.

S&P 500 fell 0.7% or 28 points to 4,134, after hitting a high of 4,159 and a low of 4,118.

The US dollar rose against its rivals on Tuesday, amid anticipation of more quarterly business results.

This comes amid anticipation of the results of major companies, led by Apple, Microsoft, Tesla, Amazon and Alphabet.

Efforts to contain the Covid-19 pandemic are continuing, as the US company Johnson & Johnson reported $100 million sales of its vaccine during the first quarter.

The 10-year US Treasury yields to 1.563% today, after rising earlier yesterday.

The dollar index rose against a basket of currencies by 0.2% to 91.2 points as of 18:25 GMT, after it hit a high of 91.2 points and a low of 90.8 points.