Gold jumps as traders favour safe-haven assets

Gold refinery gold shavings. Picture: AFP PHOTO/OZAN KOSEGold prices jumped 1% on Monday as an attack on Saudi Arabia’s oil facilities dented risk appetite, boosting demand for the safe-haven bullion, while investors awaited clues on monetary easing from major central bank meetings due this week.

Yemen’s Iran-backed Houthi rebel group claimed responsibility for the attack at the weekend on the world’s biggest oil-processing facility, but a senior US official said that evidence indicated Tehran was behind it. Investors also await the outcome of the US Federal Reserve and Bank of Japan’s policy meetings on Wednesday, for signals on their future policy path.

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