Gold prices rose on Monday as weak data from China as well as the attacks on Saudi Arabia’s oil facilities boosted demand for the safe-haven bullion.
Investors also awaited clues on monetary easing from the Fed, BoJ, SNB and BoE this week.
Spot gold rose by 1 percent to $1,503.70 per ounce, after declining 1.2 percent last week on optimism over a potential breakthrough in the U.S.-China trade impasse. U.S. gold futures were up 0.75 percent at $1,510.75 per ounce.
Oil prices jumped almost 20 percent at one point in early trade today following multiple drone attacks over the weekend on Saudi Arabia’s crude oil production facilities.
Prices, however, came off their day’s highs after U.S. President Donald Trump authorized the use of his country’s emergency stockpile to ensure stable supply.
On the data front, Chinese industrial output growth unexpectedly weakened to 4.4 percent in August from the same period a year earlier, the slowest pace since February 2002 and down from 4.8 percent in July.
Retail sales and investment figures also disappointed amid rising trade pressure and softening domestic demand.
Investors also await the outcome of major central bank meetings this week after the European Central Bank (ECB) announced last Thursday a fresh round of economic stimulus.
The material has been provided by InstaForex Company – www.instaforex.com