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Market expectations for any rate cuts have been pushed out, which could boost the U.S. dollar and potentially dampen oil demand and prices
Despite the increase, gold prices were down around 2.3 percent, their biggest weekly drop since early December
Gold could remain between $2,300 and $2,350 unless a fresh catalyst emerges
The unexpected decrease in U.S. inventories, as indicated by industry data, provided some support to crude prices
Gold dipped more than 2 percent in the previous session, its largest intraday decline in over a year
Investors fueled the increase as they continued to assess geopolitical concerns in the Middle East
Bullion loses safe-haven appeal amidst reduced geopolitical risks
Market analysts referred to gold as a geopolitical trade rather than a monetary policy trade at the moment
Brent futures rose by $2.63, reaching $89.74 per barrel
Venezuela's oil exports had grown 12 percent in 2023 to 700,000 bpd after the easing of some U.S. sanctions
Japan imports 95 percent of its oil from the Middle East
Strong dollar and rising treasury yields impact gold's appeal
Brent oil futures fell 0.1 percent to $89.89 per barrel
The 2024 figure represents a 0.1 percentage point increase from the previous World Economic Outlook report in January
Spot gold rose 0.17 percent to $2,387.42 per ounce
Brent crude futures for June delivery gained 48 cents, or 0.5 percent, settling at $90.58 per barrel
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