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Gold climbs 1pc

Gold rose more than 1 percent yesterday after an attack on key oil facilities in Saudi Arabia inflamed worries over the stability of the Middle East, driving investors to seek refuge in assets seen as a haven from risk.

A 20 percent bounce in oil prices in response to the attack also raised concerns over a potential rise in inflationary pressures, against which gold is often perceived as a hedge.

Spot gold was up 1 percent at $1,503.60 per ounce as of 1138 GMT, while US gold futures rose 0,8 percent to $1,511.80 per ounce.

Source :

The Herald

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