Gold prices rose on Monday, to head for the first daily gain out of 3 on strong demand for safe havens increased, but the rising US dollar is curbing today's gains.

Gold prices rose 0.6% to $1,866.02 an ounce, after opening at $1,854.83, and hit a low of $1,849.25.

The yellow metal lost 0.75% on Friday, its second straight daily loss on profit-taking from its 2-week high of $1,875.11 an ounce.

Gold gained 1.5% last week, the first weekly gain out of 3 and the first in 2021, thanks to a drop in the US dollar.

This week investors focused on safe havens and avoided risk assets due to concerns over the global economy, rising coronavirus cases in most parts of the world, and political tensions in Italy.

The dollar index rose more than 0.1% today, extending its gains for the second straight day, which weighs down on the prices of gold and other dollar-denominated metals.

Gold stocks at the SPDR ETF fell 0.88 metric tonnes on Friday, with the total at the lowest level since January 14 of 1,173.25 MT.

Oil prices continued to rise as the US market opened on Monday, within recovery attempts from 2-week low that was hit on Friday, which comes amid prospects that the Saudi output cut will balance the market and offset the expected drop in demand due to the rising Covid-19 infections, but prices are still weighed down by the unexpected build in US oil inventories and drilling rigs.

US crude rose 1.5% to $55.86 a barrel, after opening at $55.06, and hit a low of $55.06, and Brent crude rose 1.4% to $55.96 a barrel, after opening at $55.20, and hit a low of $55.18.

US crude lost around 1.8% on Friday, and hit its 2-week low of $51.46, and Brent crude futures fell 1.7% and hit the lowest level since January 8 of $54.50.

Oil prices rose today thanks to prospects that the Saudi output cut of 1 million bpd in February and March will offset the expected drop in demand due to the rising Covid-19 infections.

The US Energy Information Administration reported on Friday that the crude inventories rose 4.4 million barrels to 482.2 million during the week ending January 15, missing forecasts of a drop by 1.2 million barrels.

Baker Hughes revealed on Friday that the US drilling and exploration rigs rose 2 rigs last week, the ninth straight weekly increase.

The total operating rigs rose to 289, the highest level since the week ending May 8, 2020.

The increase in the US drilling activity boosted the US production by more than 47% since mid-2016 to a total of 13.1 million barrels per day in March 2020, and held recently around 11 million bpd due to the coronavirus pandemic, but the US is still the world's largest oil producer.

European stocks fell on Monday, deepening losses for the second straight day and pulled back further from an 11-month high on profit-taking, and the market's risk-off sentiment due to concerns over the global economy and rising coronavirus cases in most parts of the world.

The Stoxx Europe 600 index fell more than 0.1% as of 11:35 GMT, after it closed lower by 0.6% on Friday, on profit-taking from the highest level since February 2020 at 413.98 points.

The index gained nearly 0.5% last week, and posted its third weekly gain in a month, thanks to US stimulus hopes.

The travel and leisure sector saw the largest losses in Europe, with a drop of more than 1%, based on the renewed concerns about the pandemic.

Most of the global stock markets opened lower this week, due to investors risk-aversion due to concerns over the global economy and rising coronavirus cases in most parts of the world.

US President Joe Biden is expected on Monday to sign a travel ban on most non-US citizens coming from the UK, South Africa and Brazil, in addition to Ireland and most of Europe to curb the spread of the new Covid-19 strain.

S&P 500 futures rose 0.4%, after the index closed lower on Friday at Wall Street, on profit-taking from record high of 3,861.45 points.

Back to Europe, the Euro Stoxx 50 index fell 0.2%, France's CAC 40 fell 0.4%, the UK's FTSE 100 fell 0.3%, and Germany's DAX dropped 0.25%.

Silver prices rose on Monday, resuming gains after pausing on Friday due to profit-taking, while today the demand for safe havens increased, but the rising US dollar is curbing gains.

Silver prices rose 1.2% to $25.76 an ounce, after opening at $25.46, and hit a low of $25.39.

Silver lost 1.6% on Friday, its first loss in 5 days on profit-taking from its 2-week high of $26.04 an ounce.

In terms of last week’s transactions, silver prices achieved a rise of nearly 3%, in the first weekly gain in the last three weeks, and the first weekly gain in the new year 2021, thanks to the drop in the US dollar levels.

Silver gained about 3% last week, the first weekly gain in 3 weeks and in 2021, thanks to a drop in the US dollar.

This week most investors focused on safe havens, especially gold and silver due to concerns over the global economy and rising coronavirus cases in most parts of the world.

The dollar index rose more than 0.1% today, extending its gains for the second straight day, which weighs down on the prices of dollar-denominated metals.