The association will convene an urgent meeting to determine the next course of action regarding the deal

Brent crude oil futures were down 18 cents, or 0.26 percent, at $68.85 a barrel by 0353 GMT

Global oil markets face increasingly sharp and frequent price shocks as geopolitical tensions, opaque stockpiling and tightening Western sanctions are leaving many traders in the dark.

The yen strengthened on Monday after Japanese Prime Minister Sanae Takaichi’s election victory, reversing six consecutive days of losses as traders bet fiscal stimulus will boost the stock market, while the US dollar eased against other major currencies.

Gold and silver extended gains on Monday, with the yellow metal trading just above $5,000 per ounce as the dollar dipped, while investors awaited key US jobs and inflation data due later in the week to gauge the interest rate trajectory.

Taiwan’s top tariffs negotiator said it would be “impossible” to shift 40 percent of its semiconductor production capacity to the United States as she rejected claims that the island’s chip industry would relocate.

The two countries signed a deal moments ago

It hit $29.47 billion today

Taiwan is a powerhouse in producing chips -- a critical component in the global economy

Spot gold rose 1.1 percent to $5,012.76 per ounce by 0502 GMT

China’s official gold reserves rose in January despite an increase in gold prices, extending a 15th consecutive month of buying streak, as the country continued to diversify and optimize its international reserves, official data showed on Saturday.

The Bangladesh Competition Commission (BCC) has fined S Alam Super Edible Oil Ltd Tk 42.84 crore for artificially inflating cooking oil prices by restricting supply and colluding with dealers and rivals to manipulate the market in 2022.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April

The third straight monthly improvement in sentiment reported by the University of Michigan's Surveys of Consumers on FridayThe third straight monthly improvement in sentiment reported by the University of Michigan's Surveys of Consumers on Friday

The US and India moved closer to a trade pact after releasing an interim framework on Friday

The United States and India moved closer to a trade pact on Friday, releasing an interim framework that would lower tariffs, reshape energy ties and deepen economic cooperation as both countries seek to realign global supply chains.

The two move closer to broad pact

The executive order comes days after Trump announced a trade deal to reduce tariffs on India

In late January, the gold price reached an all-time peak of around $5,500 (£4,025). January 30 saw one of the largest one-day falls in prices, which sank by nearly 10 percent after hitting a record high only the day before.

Gold and silver prices fell sharply in a broader market selloff on Thursday, as an advance in the dollar to a near two-week high and signs of easing US-China trade tensions added further pressure on the precious metals.