Commodity trading looked positive in early May with gold prices registering an increase, as did the crude oil market.
Not yet entering the New York market session, gold took advantage to strengthen in the Asian market session earlier this week.
Last week, gold prices still failed to reach the $ 1,800 per ounce target level as expected by analysts.
Physical gold in India was sold at a discount last week for the first time in 2021 following a surge in Coronavirus cases that pushed for tighter movement restrictions and reduced buyer attraction.
Still, China’s gold consumption jumped 93.9% in the first 3 months from the first quarter of last year according to a statement by the China Gold Association on Friday.
Crude oil prices rose on Monday as markets were optimistic about the resumption of fuel demand by China and other developing countries in the second half of the year easing concerns over economic sanctions in India.
Vaccination is seen to revive global oil demand, especially during the peak of the travel season in the third quarter, prompting analysts to raise their Brent oil price projections for the fifth consecutive month.
On oil supply, the Organization of the Petroleum Exporting Countries (OPEC) is expected to increase production to 25.17 million barrels of shari in April, up 100,000 from March with Iran and several other producers also increasing production.
Iran and the United States (US) are in talks to update a nuclear deal that will prompt the US to lift sanctions and will allow Iran to increase their oil exports.
