Gold prices eased on Wednesday on overnight gains in US equities, while a May Day lull gripped most of the Asian markets ahead of a closely monitored Federal Reserve decision on the future trajectory of interest rates.
Oil prices dipped on Wednesday after a report showed a rise in available US crude inventories, but the market remained tense amid an intensifying political crisis in Venezuela, tightening US sanctions on Iran and continuing OPEC supply cuts.
Oil prices dipped on Tuesday on expectations rising output from the United States and producer club OPEC would offset most of the shortfall expected from US sanctions on Iran, but analysts said markets remained tight.
Gold steadied on Monday, hovering near a more-than one week high touched in the previous session after the dollar fell as investors focused on soft U.S. inflation data that overshadowed strong GDP numbers.
Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of US sanctions against Iran.
Gold climbed on Friday, as signs of weak global growth rekindled investor interest in the safe-haven metal, keeping it on track for its first weekly gain in five, while a strong dollar ahead of the U.S. GDP data capped gains for the bullion.
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