Oil prices rose on Monday to their highest levels in just over a year, with Brent crude futures surpassing $ 60 a barrel, and gold, silver, platinum and palladium prices also rose with the rise in European and Japanese stocks.
The rise in oil was supported by supply cuts from major producers and hopes for more US economic stimulus measures to support demand.
Brent crude for April delivery touched $ 60.06 a barrel, its peak since January of last year, and the nearest contract reached $ 59.98 by 5:37 GMT, up 64 cents, or 1.1%.
US West Texas Intermediate crude futures for the month of March advanced 65 cents, or 1.1%, to $ 57.50, the highest level since January of last year.
Saudi Arabia pledged additional cuts in February and March over the cuts of other members of the Organization of the Petroleum Exporting Countries and its allies, which include Russia, which would help bring balance to global markets and support prices.
Gold is rising
Gold prices rose today, Monday, as weak US job data boosted hopes of more fiscal stimulus and pressured the dollar, although the rise in Treasury instrument returns has limited the metal's gains.
By 5:52 GMT, the spot price of gold was up 0.1% to $ 1813.96 an ounce, and US gold futures rose 0.1% also to $ 1815.50.
But rising 10-year Treasury yields to their highest level since March of last year limited gold's gains, and higher yields add to the opportunity cost of holders of the non-yielding metal.
In other precious metals, silver rose 0.6% in spot transactions to $ 26.99 an ounce, platinum rose 0.9%, recording $ 1133.75, and palladium advanced 0.3% to $ 2343.59 an ounce.
Stocks are making gains
European stocks rose today after achieving their best weekly gains in about 3 months, as the semiconductor Dialog boosted the technology sector, while hopes for a faster economic recovery continued on the back of the global distribution of vaccines.
Renesas Electronics
and Dialog said they had agreed that the Japanese chipmaker would buy the Frankfurt-listed chip design company for 4.9 billion euros ($ 5.90 billion) in cash.
The pan-European STOXX 600 index rose 0.4%, after gains of 3.5% last week, while technology stocks rose 1.3%.
Stocks in Frankfurt advanced 0.6%, outperforming other European markets in early trade, and the gains included most European sector indices.
Japanese stocks rose significantly on Monday, bringing the Nikkei benchmark and the broader Topix indexes to their highest levels in 30 years, as strong results raised investor confidence about the economy's recovery from the pandemic.
The Nikkei jumped 2.12% to 29,388.50 points, its highest level since August 1990, while the Topix advanced 1.75% to 1923.95 points, reaching its peak since June 1991.
That raised the total market value of companies listed on the main market of the Tokyo Stock Exchange to a record high of 712 trillion yen ($ 6.75 trillion), according to the stock exchange.