While a slight weakening of the US dollar provided some support to prices this week, individual demand and supply fundamentals were the main drivers. Oil prices fell as a further rise in US stocks overshadowed the more positive news of OPEC’s good compliance with its new quota. Elsewhere, data showing a sharp pick-up in US inflation in January gave a lift to gold prices, despite more hawkish comments by the Fed Chair, Janet Yellen, earlier in the week.
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