Gold slips, oil prices jump more than 2%

WASHINGTON, Aug. 31 (YPA) – Oil prices jumped more than 2% at the start of trading today, Monday, with Brent crude returning above $90 per barrel.

Brent crude futures rose by $2.22, or 2.52%, to $90.32 per barrel, while US West Texas Intermediate crude rose by $2.01, or 2.41%, to $85.41 per barrel.

Meanwhile, gold prices fell to their lowest level in nearly two weeks on Monday after Federal Reserve Chairman Kevin Warsh indicated that an interest rate hike may be necessary to ease price pressures, while escalating tensions in the Middle East fueled inflation concerns.

Spot gold fell 0.8% to $4,417.04 an ounce by 04:06 GMT, its lowest level since August 19, after prices dropped more than 3% on Friday, according to Reuters. US gold futures also fell 1.4% to $4,466.80 an ounce.

@E.Y.M