Wednesday, 16 October 2019
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Gold Holds Gain as Investors Weigh Oil Shock Fallout
Tuesday, 17 September 2019 09:23 WIB | PRECIOUS METALS |GOLDEMAS

Gold held an advance as investors weigh the fallout from the strike on Saudi Arabia's crude production, which has increased geopolitical concerns and fanned demand for havens.

Saudi Aramco faces weeks or months before the majority of output is restoredat the giant Abqaiq processing plant after the attack over the weekend. Saudi Arabia's Foreign Ministry said Monday that the assault cut oil production by 50% and that Iranian weapons were used.

Traders are now turning their attention to the Federal Reserve policy meeting where interest rates are widely expected to be lowered again. Chairman Jerome Powell will hold a post-decision press conference Wednesday.

Spot gold little changed at $1,498.97/oz at 8:41am in Singapore; +0.7% Monday. Spot silver -0.1% to $17.84/oz.

Source : Bloomberg

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