Oil traders are going long on hopes that a $1.9 trillion stimulus package proposed by Joe Biden last month would see the light of day.
Gold futures traded $1,826/ounce losing about 0.50% in value amid a social media-driven rally that was in play in the past few days.
Brent crude futures rose by 0.3%, to $57.62 a barrel, in a fourth straight day of gains after hitting $58.05 on Tuesday.
The world’s leading oil giant, Saudi Aramco, has predicted that energy demand will return to pre-COVID-19 levels later in 2021.
Silver futures gained as much as 8% shortly after the futures market opened on Monday, marking the biggest rise in the futures since at least 2013.
Some OPEC members continue to argue that increasing production in the face of weak demand could cause prices to drop.
Oil prices settled lower for the second straight week on fears that energy demand might face challenges.
Spot gold dropped by 0.3% to $1,839.37 an ounce after ending 0.4% lower on Wednesday.
Oil prices rallied after industry data showed U.S. crude inventories dropped unexpectedly last week amid fears that the COVID-19 infection,
Gold traders are of the bias that the precious market is heading from neutral to bearish...