Gold futures tilted higher in American trade away from early March lows as the dollar index dipped for the first time in four sessions, amid a lack of data from the US, while investors await the Federal Open Market Committee's policy meeting later this week, and as the Group of 20 meetings commence in Buenos Aires.
As of 01:59 GMT, gold futures due on April 15 rose 0.02% to $1,312.60 an ounce from the opening of $1,312.30, while the dollar index declined 0.29% to 89.99 from the opening of 90.23.
Federal Reserve Bank of Atlanta President Raphael Bostic spoke about the future of community development at the National Interagency Community Reinvestment Conference, in Miami, earlier today.
G20 meetings have started in Argentina, which are usually closed for the media, but some officials give statements to outlets throughout the day until the official statement of the group is released.
Investors await the Federal Open Market Committee's policy meeting this week, the first under new Chair Jerome Powell, with policymakers expected to release three-year forecasts for inflation, growth, unemployment, and interest rates.
Federal Reserve Chair Jerome Powell said in his recent Congress testimony that hiking interest rates four times this year would be considered a "gradual pace", bolstering expectations of a March rate hike.
The economy created 313 thousand new jobs last month, while wages slowed down, confirming Powell's expectations that labor would strengthen further before improvements in wages.
Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, rose on Friday by 2.07 tonnes to a total of 840.22 tonnes, marking the highest since late January.
Platinum prices tilted lower in American trade to January 3 lows even as the dollar index gave up ground for the first time in four sessions, amid a lack of data from the US, while investors await the Federal Open Market Committee's policy meeting later this week, and as the Group of 20 meetings commence in Buenos Aires.
As of 01:22 GMT, platinum shed 0.24% to $947.82 an ounce from the opening of $950.10, while the dollar index slipped 0.19% to 90.07 from the opening of 90.23.
Federal Reserve Bank of Atlanta President Raphael Bostic will speak about the future of community development at the National Interagency Community Reinvestment Conference, in Miami, later today, while the FOMC will convene tomorrow in a meeting that will likely result in a 25 basis points interest rate hike.
Oil prices maintained their losses in American trade on track for the first loss in four sessions on profit-taking away from two-week highs, after the US oil count rose last week, paving the way for more increases in US output to fresh record highs.
As of 12:00 GMT, US crude fell to $62.00 a barrel from the opening of $62.12, while Brent dipped to $65.85 a barrel from the opening of $66.06.
US crude rose 1.8% on Friday, the third daily profit in a row, while Brent climbed 1.7% to a two-week high at $66.40.
Oil prices inched up 0.3% last week as expectations of higher global oil demand overcame oversupply fears.
Baker Hughes reported a rise of 4 rigs in the US oil rig count, the seventh weekly increase in two months, reaching a total of 800 rigs, the highest since April 2015.
Due to increasing US rig activity, output jumped 23% since mid-2016 to 10.38 million bpd, passing Saudi Arabia's 9.9 million bpd, and nearing Russia's 10.9 million bpd.
As US output reaches successive record highs, output in Canada and Brazil has risen as well, hurting efforts by OPEC and Russia to cut supplies and achieve market balance.
Experts expect more complicated developments in the global oil market after supplies slowed down in 2017, while projected to accelerate again later this year.
Ethereum fell on Monday for the eighth straight session to near a three-month trough hit yesterday, marking the longest losing streak since October 2017, amid fears of global cryptocurrency banning efforts.
At Bitstamp, ethereum shed $13, or 2.4% to $525 from the opening of $538, with an intraday high at $559, and a low at $515.
Ethereum closed lower 2.2% on Sunday, the seventh loss in a row to a three-month low at $453.
Most cryptocurrencies gave up ground recently after reports that Twitter plans to ban cryptocurrency ads as well in the next few weeks.
Ethereum tumbled 25.3% last week, the second weekly loss in a row, amid heavy cryptocurrency selloff on global official clampdown.
Ethereum is down 27% so far this year, after losing $19 billion from its $69 billion value last year to about $50 billion on Monday.
Financial Stability Board, which coordinates financial efforts for the Group of 20, has refused calls for stricter regulations of cryptocurrencies.
The refusal comes as Group of 20 finance ministers and central bank governors will meet for two days in Buenos Aires in Argentina, to discuss various economic and collaborative issues.