Oil prices fell at the start of trading on Monday, pressured by progress in talks aimed at ending the conflict between the United States and Iran, which reinforced expectations of an easing in geopolitical tensions.
Brent crude dropped 84 cents, or 0.85%, to $97.48 a barrel, while West Texas Intermediate fell about 32 cents, or 0.35%, to $90.51 a barrel.
Gold, by contrast, rose more than 1%, supported by the decline in oil prices and the accompanying drop in inflation concerns, as investors awaited the release of US inflation data and followed indicators from the Federal Reserve on the direction of monetary policy.
Spot gold gained 1.6% to $4,129.69 an ounce, and US gold futures for December delivery rose by the same percentage to $4,139.
The rally extended to other precious metals, with silver jumping 2.8% to $53.31 an ounce, platinum rising 1.6% to $1,556.14 and palladium climbing 2.1% to $1,044.28 an ounce.
