Oil prices rebound while gold firms

London

OIL prices rebounded and gold firmed last week as markets reacted to geopolitical concerns and the outlook for interest rates in the US.

A strong dollar meanwhile capped gains for certain commodities priced in the US unit and caused others to drop week on week.

The dollar has fought back against the euro in recent weeks as markets bet on rises to US interest rates later this year despite a clouded outlook. This has made dollar-denominated raw materials like oil and gold more expensive for holders of rival currencies, denting demand.

Minutes of the US central bank's last policy meeting showed a split over when interest rates should again start rising in the world's biggest economy.

While last week's US jobs data "was a big disappointment, the minutes from the Fed's last meeting suggests that they remain in hiking mode and may hike rates at some point this year, even if June now seems like a long shot", said Forex.com analyst Kathleen…