Uncategorized
Gold edges up on high oil prices
NewsDay Staff ·
Spot gold edged up Monday as higher oil prices amid the ongoing Middle East crisis and a firm euro on expectations of a European Central Bank rate hike, lent support.
Upbeat US employment data last Friday, indicating that the global economy was likely on a firm footing, shaved some lustre off gold’s demand, but the ongoing Middle East crisis continued to support the precious metal’s safe-haven appeal.
“We saw the continuous geopolitical risk in the Middle East crisis, and oil prices going higher.
This story is for NewsDay subscribers.