Oil prices surge, gold retreats as dollar strengthens

Oil prices surged at the start of Asian trading on Monday, with gains exceeding 2%. Brent crude futures rose by $2.16, or 2.05%, to reach $107.49 a barrel—the highest level since 7 April.

Similarly, US West Texas Intermediate (WTI) increased by $1.77, or 1.88%, to trade at $96.17 a barrel.

In contrast, gold prices retreated as a strengthening dollar weighed on the metal. Spot gold fell by 0.3% to $4,694.26 per ounce by 00:59 GMT, following a 2.5% loss last week that halted a four-week winning streak. US gold futures for June delivery also declined, falling 0.9% to $4,697.60.

Among other precious metals, spot silver decreased by 0.3% to $75.48 per ounce. Platinum also saw a 0.3% drop to $2,005.15, while palladium followed the downward trend, falling 0.3% to $1,492.22.

WAM