Gold prices climbed above $4,200 an ounce on Monday, extending their rally for a third consecutive session. The advance came as declining oil prices—driven by hopes that increased Russian diesel shipments will ease global fuel shortages—helped temper inflation concerns.
On Friday, President Donald Trump announced that his administration had reached an agreement for Russia to supply hundreds of thousands of tons of diesel, signaling a partial rollback of Moscow’s ban on diesel exports. Trump also asserted that Russia and Ukraine had agreed to an “energy ceasefire” that would take effect immediately.
In the Middle East, Saudi Arabia’s main airport was hit again on Sunday by Iran-backed Houthi militants, just a day after a previous strike killed 12 people and injured more than 300. The renewed attacks led Trump to consider joining Saudi Arabia in retaliatory action against the Houthis in Yemen.
Elsewhere, investors turned their focus to key US inflation data due later this week, which could provide fresh signals on the Federal Reserve’s next policy move.
