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Home / Business / Gold jumps 1% after Saudi raises security game – News

Gold jumps 1% after Saudi raises security game – News



US gold futures rose 0.8 percent to $ 1,511.20 an ounce.

Gold prices jumped 1 percent on Monday as an attack on Saudi Arabia's oil facilities sparked risk appetite, increasing demand for the security haven bullion, while investors waited for clues for monetary relief from major central bank meetings coming this week. [19659003] Spot gold increased by 1 percent to $ 1,503.52 per ounce at 0410 GMT. Prices had dipped 1.2 percent last week, hoping that an end to the US-China tiff could be near.

US gold futures rose 0.8 percent to $ 1,511.20 an ounce.

In Dubai at 22, buys at Dh1

69.25, and buyers can get 24k at Dh180.25.

The attacks on Saudi oil installations have led to a rotation of interests out of stocks and to safe havens, said OANDA analyst Jeffrey Halley.

With escalating tensions in the Middle East and hopes for more stimulus from major central banks, the next target for gold will be $ 1,530, he added.

Yemen's Iran-backed Houthi rebel group claimed responsibility for the attack this weekend at the world's largest oil processing plant.

However, a senior U.S. official said the evidence suggests that Tehran was behind it, and President Donald Trump said the United States was "locked and loaded" for a potential response to the attack, and already had strained conditions beyond Iran.

The incident hurt risk sentiment in the markets, with Asian stocks lower at 515.4, and the security haven yen up 0.4 percent to $ 107.64 per dollar. Against a basket of currencies, the dollar was 0.2 percent lower at 98,053.

Investors are also awaiting the outcome of the US central bank and the Bank of Japan's political meetings on Wednesday, for signals of their future political path.

"A forthcoming monetary policy from global central banks will support bullion appeal for 2H 2019," Phillip Futures analyst Benjamin Lu said in a note. Central banks around the world are facing increasing pressure to develop monetary support for flagging economies as the US-China trade conflict harms trade and business sentiment. Lower interest rates reduce the opportunity cost of holding non-yielding gold and weighing on the dollar.

Meanwhile, heavier additional risk sentiment was bleak data from China, which showed factory and consumer sectors declining further in August, while industrial output grew at the slowest pace of 17-1 / 2 years, a sign of growing weakness in a Economy buzzed by headwinds and soft domestic demand.

Spot gold could try again at $ 1,524 a ounce, as it has temporarily tied around a support of $ 1,480, Reuters technical analyst Wang Tao said.

Among other precious metals, silver jumped as much as 3 percent to $ 18 an ounce, and platinum was up 0.6 percent to $ 953.78. Meanwhile, palladium rose 0.4 percent to $ 1,612.50 an ounce.

Dollar fall, oil exporter currencies rise; yen companies

The dollar fell while safe harbors and currencies from oil producing countries rallied on Monday, following an attack on Saudi Arabian refineries that disrupted global oil supply and increased tensions in the Middle East.

The Canadian dollar rose 0.4 percent to $ 1,3233 per dollar. The Norwegian krone rose 0.5% to 8.9363 per dollar. Both currencies often move along with the oil price because the countries are major oil exporters.

In India, a major importer of crude oil, the rupee fell almost 0.7 per cent.

Against a basket of currencies, the dollar depreciated to 98,162.

Beyond oil, the foreign exchange markets are awaiting the outcome of central bank meetings in the US and Japan this week and economic data in Australia and New Zealand that could determine the outlook for Antipodes.

Sterling fell 0.3 from a seven-week high to hit $ 1.2486.

Data released on Monday showed that the decline in China's economy deepened in August, with industrial production growing at its slowest pace in 17 1/2 years and retail sales weaker than expected.

It increased the pressure for stimulus and in offshore trade the Chinese yuan weakened 0.25% to 7.0631 per dollar.

As for the Bank of Japan's political decision on Thursday, a third of economists surveyed by Reuters expect stimulus to increase. But sources say it may be a close call as politicians wait until the last minute to assess the market reaction to the Fed's decision hours hours earlier.

Japanese markets are closed on Monday for a public holiday.

The euro was steady at $ 1.1073.

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