Gold and silver rallied after a strike against Saudi Arabian oil facilities hurt supplies and prompted a record surge in oil prices, with investors seeking haven assets at the start of a week that’ll also see critical policy decisions from central banks including the Federal Reserve.
Gold jumped more than 1%, trading above $1,500 an ounce, while its cheaper sister metal climbed more than 2% as investors gauged the ramifications from the assuault against the world's biggest crude-processing facility in Abqaiq and the kingdom's second-biggest oil field in Khurais. The U.S. has blamed Iran for the disruption, a charge that’s been rejected by Tehran.
Spot bullion climbed as much as 1.6% to $1,512.14 an ounce and was at $1,507.66 at 9:04 a.m. in Singapore, while silver advanced as much as 2.1% to $17.8160 an ounce. Platinum also rose, while palladium dropped for a second day after hitting a record last week.
Source : Bloomberg