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Last Updated : Sep 16, 2019 07:41 PM IST | Source:

Gold price today: Yellow metal up over 1% as attacks on Saudi oil plants lift safe-haven bets

In the international market, spot gold was 1.2 percent higher at $1,506.87 per ounce, and on track to mark its biggest one-day percentage gain since Aug. 23

Gold prices jumped more than 1 percent in futures trade on September 16 as investors turned attention to safe-haven assets after weekend attacks on Saudi Arabia’s oil facilities fueled risk-off sentiment.

Around 1937 hours, MCX Gold traded at Rs 37,937 per 10 grams, up Rs 413, or 1.10 percent.

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Gold prices jumped 1 percent in global markets also as attacks on Saudi Arabia's oil facilities dented risk appetite, boosting demand for the safe-haven bullion, while investors awaited for clues on monetary easing from major central bank meetings due this week, Reuters reported.

“U.S. President Donald Trump said on Sunday the United States was “locked and loaded” for a potential response to the attack on Saudi Arabia’s oil facilities after a senior official in his administration said Iran was to blame,” it said.

Reacting to the news, Oil prices surged to a six-month high on Monday, while Wall Street futures turned lower and safe-haven bets returned after the weekend attacks, on Saudi’s crude facilities, knocked out more than 5 percent of global oil supply.

All eyes are of US Federal Reserve meeting this week which could again fuel demand for Gold. ECB's announcement of 20 billion euro QE program effective from November 1, 2019 triggered some profit-taking in the dollar index and send signals to US Federal Reserve for a further rate cut in its next week’s policy meet.

“If US fed slashed key interest rates will support gold prices and it is expected to rebound towards $1520-1524 at Comex division at MCX prices are expected to test 37800-38050 in the two-three trading session,” Manoj Kumar Jain, Director at IndiaNivesh Commodities Pvt. Limited told Moneycontrol.

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First Published on Sep 16, 2019 09:41 am
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