Gold was down on Friday morning in Asia, staying near a nine-month low and headed for a third consecutive weekly decline. U.S. Federal Reserve Chairman Jerome Powell disappointed investors with his views on the Treasury yields pushing both the dollar and bond yields up.
Oil prices rose on Friday, extending gains from the previous session, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic.
Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day lent support alongside a drop in U.S. fuel inventories.
Gold longs are unable to shake off their misery yet, with the yellow metal suffering its sixth setback in seven days after futures briefly broke below the key $1,700 support on Wednesday.
Oil prices rose on Wednesday, boosted by demand hopes on progress made in U.S. vaccine rollouts, while uncertainty over how much supply OPEC+ will restore to the market at its Thursday meeting and a big build in U.S. crude stocks capped gains.
Gold inched down on Wednesday morning in Asia, with U.S. Treasury yields continued their fall and put pressure on the yellow metal.