Gold Rebounds as Oil Falls on Rising Supply

Gold rose to $4,151.77 an ounce as expectations of a US interest rate increase eased, while oil prices fell amid greater supply.

The shift in the US rate outlook helped support gold. Lower expectations for rate increases can make the precious metal, which pays no interest, more attractive to investors.

Oil moved in the opposite direction as rising exports from the Middle East added to available supplies and weighed on prices.

Releases from Group of Seven stockpiles also contributed to the pressure on crude, reinforcing the impact of increased regional exports.

The contrasting moves reflected different drivers in the two markets, with gold benefiting from the changing interest rate outlook and oil responding to a larger supply cushion.