Gold and Oil See Small Recoveries – 2 September, 2020

A steadier dollar helped gold recoup some of its losses from the previous session, while oil prices floated just above multi-week lows on lagging demand recovery. After falling 1.4% in the previous session, spot gold was 0.2% higher to $1,945.59 per ounce, while U.S. gold futures were 0.4% higher to $1,952.20. The dollar index was up 0.6% against a basket of major currencies on U.S. data showing an increase in manufacturing activity. Oil prices were slightly higher, with U.S. West Texas Intermediate gaining 9 cents or 0.22% to $41.60 per barrel, and Brent crude was 2 cents or 0.05% higher to $44.45 per barrel.