Gold prices rose on Monday, for the fifth straight day, rising near a 6-week high hit on Friday, while the US dollar fell today against its rivals.

Gold prices rose 0.6% to $1,803.68 an ounce, after opening at $1,793.48, and hit a high of $1,792.24.

Gold closed higher by 0.6% on Friday, the fourth straight daily gain, and hit a 6-week high at $1,813.94 an ounce.

Gold prices gained 1.5% last week, lifted by the US dollar's drop against a basket of its peers.

The dollar index fell 0.2% today, and hit a 4-week low at 93.48 against a basket of major rivals, which lifts down on dollar-denominated metals prices.

Fed Chair Jerome Powell said "it’s time to taper and I don’t think it’s time to raise rates," especially as employment is still low, but he expected that inflation could subside next year.

US Treasury Secretary Janet Yellen said on Sunday that the US was not losing control of inflation, and that she expected inflation levels to return to normal by the second half of next year.

Gold stocks at the SPDR ETF remained unchanged on Friday, with the total at the lowest level since April 2, 2020 of 978.07 metric tonnes.

Oil prices rose on Monday, for the second day in a row, as US crude jumped to its 7-year peak, and Brent crude rose to its 3-year high, due to concerns over a market deficit during the fourth quarter, while the global demand accelerates, while the global output is kept unchanged without any hikes.

US crude rose 0.7% to the highest since October 2014 at $84.73 a barrel, after opening at $84.15, and hit a low at $83.79, and Brent crude rose more than 0.8% to the highest since October 2018 at $86.40 a barrel, after opening at $85.68, and hit a low at $85.44.

The US crude gained 1.9% on Friday, and Brent rose 1.1%, the third daily gain in 4 days, thanks to US demand hopes.

Oil prices gained 1.5% last week, the ninth straight weekly gain, in the longest weekly gains streak since 2015.

Oil prices are rising due to growing fears over a market deficit, especially after OPEC Plus alliance's recent decision to keep its current production policy without any new production hikes.

Meanwhile, global demand for oil is growing, especially due to the global shifting from gas to oil, after the recent record spike in natural gas prices.

The US commercial crude inventories fell unexpectedly in the week ending October 15, which a positive sign on demand and withdrawal levels.

Euro rose in European trade against dollar for another session following remarks by Fed Chair, which cut chances for a rate hike next year, while the European Central Bank convenes tomorrow to decide on the future of monetary policy in the euro zone. 

EUR/USD rose 0.2% to 1.1665, with a session-low at 1.1635, after closing up 0.2% on Friday, resuming the gains after a short hiatus yesterday on profit-taking away from three-week highs at 1.1670.

The euro rose 0.4% last week, the second weekly profit in a row amid concerns about divergent monetary policies in Europe and the US.

The dollar index fell 0.2% on Monday for another session, marking four-week lows at 93.48 against a basket of major rivals.

The decline comes after Fed Chair Jerome Powell said time is imminent to start cutting down bonds purchases but it's nowhere close yet for a rate hike. 

The ECB is convening on Wednesday to decide on monetary policy and analyze the developments in the euro zone, with most analysts expecting no change of policy of any kind. 

The main US stock indices opened mixed on Friday, as Nasdaq fell amid pressures on the tech sector, while S&P 500 extended its gains and hit new records.

Nasdaq was weighed down by some tech stocks, as Snapchat shares fell over 20%, after disappointing data on Thursday.

Many major companies reported their quarterly business results for the third quarter, amid anticipation of Apple, Amazon, Microsoft, Alphabet, Facebook's reports.

Former US President Donald Trump announced plans to launch a new social media network called Truth Social, to stand up to what called "the tyranny of big tech" such as Facebook and Twitter.

As for stocks, Dow Jones rose 0.4% or 140 points to 35,743 as of 14:29 GMT, and S&P 500 rose 0.2% or 9 points to 4,559, while Nasdaq fell 0.2% or 23 points to 15,192.