Gold $1,290.1 +2.60 +0.20%

ICE Brent Crude Oil $108.71 +0.08 +0.07%

NYMEX Crude Oil $100.36 +0.42 +0.42%

Prices for Brent crude moderately increased , being in the neighborhood of $ 109 per barrel, while WTI oil prices exceeded the $ 100 a barrel as investors analyzed the comments of the Federal Reserve System Janet Yellen that the U.S. central bank will continue to reduce program asset purchase .

In his first public comments as Fed chief Yellen also said that the recent volatility in global financial markets does not pose a significant risk to the U.S. economic outlook .

"Yellen has clearly stated that it plans to continue to reduce incentives - said the chief market analyst at Price Futures Group Phil Flynn . - Investors are hoping that she is inclined to support incentives but Yellen destroyed these hopes . "

Note that the series of disappointing U.S. data prompted speculation that the Fed may refrain from further reduce the incentives that supported prices for oil and other commodities .

U.S. crude still close to six-week high , supported by expectations that the fall in distillate stocks for the previous week due to cold weather across the country. Stocks of distillates , including heating oil and diesel, are expected to have decreased by 2.3 million barrels for the week ending February 7. Oil reserves, however, are expected to rise by 3 million barrels. Recall that today will present data on stocks of the American Petroleum Institute , and tomorrow - the Energy Information Administration .

We add that the rise in prices for Brent was limited expectations of a further increase in Libyan production . Current production in the North African country is about 600,000 barrels per day , which is slightly above the average , which was celebrated in January.

March futures price for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 100.15 per barrel on the New York Mercantile Exchange (NYMEX).

March futures price for North Sea Brent crude oil mixture rose 62 cents to $ 109.03 a barrel on the London exchange ICE Futures Europe.

Gold prices rose sharply , reaching at this three-month high , as investors heard that the new head of the U.S. Federal Reserve will continue the previous policy , which was held by Bernanke.

Fed Chairman Janet Yellen , speaking in the U.S. Congress with the semi-annual report on monetary policy , said that the situation on the labor market improved, but the economy still has a long recovery process.

It supported the current political course FOMC and suggested that the Fed will continue at a moderate pace gradually curtail asset purchase program QE. She also noted that the achievement of targets will not mean automatic increase the federal funds rate . Rather, such progress would be to encourage the Central Bank to analyze the economic situation in order to determine at what stage the rate increase is justified.

Yellen said that he sees " significant risks to the U.S. economic outlook " by the tension in the emerging markets , and did not consider politics QE factor that contributes to the formation of bubbles in the stock market , saying that the share price has risen from the average historical values ​​only slightly .

Higher prices also helped that the dollar fell to its lowest level in almost two weeks against the euro and a basket of major currencies.

"Strengthening the prices should be seen as an opportunity to sell ," - said the head of commodity markets analyst Societe Generale Asia Mark Keenan .

We also learned that the mark-up on gold 99.99 fine on the Shanghai Gold Exchange fell to $ 7 per ounce to the spot price at $ 12 on Monday, as demand declined as prices rise .

In addition , we add that the Ministry of Commerce of India recommends to ease restrictions on imports of gold after 77 - percent drop in imports in January . Recall that India has imposed restrictions in the past year , including a record-breaking 10 - percent import duty to reduce the trade deficit .

Assets of the world's largest holder of gold investment institutions ETFs SPDR Gold Trust remained unchanged - at the level of 797.05 tons.

The cost of the April gold futures on the COMEX today rose to $ 1288.70 per ounce for ounce.