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Powell's assurance that further rate hikes were off the table will help bullion
Interest rate cuts by the Fed, expected earlier this year, have been delayed due to stubbornly high inflation
U.S. crude production escalates to 13.15 million barrels per day in February
Gold prices have declined more than $140 after reaching a record high of $2,431.29 on April 12
Market expectations for any rate cuts have been pushed out, which could boost the U.S. dollar and potentially dampen oil demand and prices
Gold lost 2.2 percent last week amidst easing tensions in the Middle East
Gold could capitalize on potential downturns in U.S. macroeconomic data in the coming quarters
The MoU aims to collaborate in sectors like renewable energy, mining, infrastructure, technology, and more
Despite the increase, gold prices were down around 2.3 percent, their biggest weekly drop since early December
The agreements aim to promote private sector involvement in the country's economic growth
Brent crude futures saw a gain of 31 cents, equivalent to 0.4 percent, reaching $89.32 per barrel
Company reported $16.57 billion in quarterly revenue, down from $17.92 billion in Q1 of 2023
