Gold prices rise amid Middle East tensions

Gold futures for delivery on the Comex exchange gained 0.8% to $ 1,510.95a ounce troy as of 12:38 AM ET.

US President Donald Trump said Sunday that the US was “locked and in charge” of a possible response to the attack, while Secretary of State Mike Pompeo said in a tweet that Iran has launched an “unprecedented attack on energy supplies”. in the world”.

After an attack on two Saudi oil facilities, tensions in the Middle East increased and demand for safe housing increased as gold prices plummeted Monday in Asia.

An attack on Saudi Arabia’s oil facilities on Saturday destroyed more than 5% of global oil supply, intensifying tensions in the Middle East and sending oil prices rising as much as 20%.

Looking ahead, critical policy decisions by central banks this week, including the Federal Reserve, are expected to dictate the movement of yellow metal.

The US Federal Reserve is expected to cut interest rates again at the conclusion of its policy meeting on Wednesday. Thursday will bring policy meetings in Japan, the US, Norway and Switzerland.

Sino-US trade developments also remained in the spotlight as US and Chinese officials are reported to meet this week ahead of scheduled talks between senior trade negotiators in October./Investing.com

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