Dhaka, Bangladesh (BBN) - Gold exceed the $2,600 level on Friday for the first time, while oil prices are expected to gain during the week ending Sept. 20.
Spot gold was up 1.3 per cent at $2,620.63 per ounce by 1:43 p.m. ET (1743 GMT), while U.S. gold futures settled 1.2 per cent higher to $2,646.20, according to media reports.
Oil prices are expected to gain during the week ending Sept. 20 despite a fall on Friday following the US Federal Reserve’s 50-basis-point rate cut on Wednesday.
The International benchmark Brent crude traded at $74.58 per barrel at 2.01 p.m. local time (1101 GMT) on Friday, up by around 4.14 per cent relative to the closing price of $71.61 a barrel last week.
West Texas Intermediate (WTI), the American benchmark, traded at $70.89 a barrel at the same time on Friday, an increase of about 4.63 per cent from last Friday's session, which closed at $67.75 per barrel.
Oil price gains were limited by rising demand concerns after weekend data from China revealed economic weakness in the world’s biggest oil importer. August figures showed industrial production falling short of expectations, alongside increasing unemployment and further declines in house prices, casting doubt on future oil demand.
BBN/SSR/AD