GOLD RISES MORE THAN 1% ON GLOBAL TURMOIL BUT SILVER SURGES MORE

  • Spot gold jumped 1.27% to $1,507.40 per ounce while U.S. gold futures rose 0.83% to $1,512.1.
  • Spot silver gained 2.96% to $17.94 per ounce.
  • Investors fled to safe-haven assets after an attack on Saudi oil facilities raised concerns over global energy supply and ratcheted tensions in the Middle East.

 

Gold and silver prices jumped more than 1% on Monday as investors fled to safe-haven assets after an attack on Saudi oil facilities raised concerns over global energy supply and ratcheted tensions in the Middle East.

Spot gold jumped 1.27% to $1,507.40 per ounce while U.S. gold futures rose 0.83% to $1,512.1. The gold-backed SPDR Gold Trust exchange-traded fund was down 0.82% at $140.15, with 874.51 tonnes of gold in trust on Friday.

Like gold, silver is seen as a safe-haven investment but the metal is also used in the production of consumer electronics goods as well as in the industrial sector, such as solar panels. Spot silver gained 2.96% to $17.94 per ounce.

The moves came after Saudi Arabia on Saturday shut down half its oil production after a series of drone strikes hit the world’s largest oil processing facility. The attack was claimed by Yemen’s Houthi rebels and the Trump administration has blamed Iran.

That closure is set to affect almost 5.7 million barrels of crude production a day, according to Saudi Aramco. That’s about 5% of the world’s daily oil production. In August, Saudi Arabia produced 9.85 million barrels per day, according to the data from the U.S. Energy Information Administration…

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