The price of gold surged more than one percent on Monday as investors turned to safe-haven assets, following attacks at the weekend on Saudi Arabia’s oil and gas facilities. The strikes cut off five percent of world oil supply.
The yellow metal jumped 1.2 percent at the open, hitting $1,506 per ounce. Gold is now on track to mark its biggest one-day percentage gain since August 23.
The gold-backed SPDR Gold Trust exchange-traded fund was down 0.82 percent at $140.15, with 874.51 tons in holdings on Friday.
The attacks on the Saudi oil plants have led to a rotation of interests out of stocks and into safe havens, Jeffrey Halley, analyst with Oanda, told Reuters.
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