Gold prices traded steady in early trading following concerns over inflation after US President Joe Biden announced a $ 2 trillion economic plan last week.
Gold, seen as a hedging asset to inflation, is at risk of rebounding following increases in U.S. treasury yields that prompted the strengthening of the U.S. dollar in the market.
The value of gold eased to the $ 1,721.00 level for today before showing a rebound in the European session.
Meanwhile, crude oil prices fell at the beginning of the Asian session this morning after the Organization of the Petroleum Exporting Countries (OPEC) and its allies last week agreed to slow down production between May and July.
The decision was made after the new US administration instructed Saudi Arabia to maintain affordable prices for consumers instead of looking at demand factors as Europe and Japan still face pandemic pressure.
Based on the agreement at last Thursday's meeting, OPEC+ agreed to cut production above 6.5 million barrels starting in May, compared to below 7 million barrels in April.
For this week, investors will focus on informal talks between Iran and the U.S. in Vienna as part of border talks to revive the 2015 nuclear deal between Tehran and global powers.
Ahead of the talks, Iran's foreign minister said they wanted the US to lift all sanctions and reject any easing measures.
