Gold futures on the COMEX division of the New York Mercantile Exchange went up on Monday amid tensions surrounding the disappearance of a Saudi journalist and a weakened U.S. dollar.
Jamal Khashoggi, a Saudi journalist and columnist for the Washington Post, has gone missing after he entered the Saudi Consulate in Istanbul earlier this month. Turkey believes the journalist was murdered while inside the consulate, but Saudi Arabia has so far denied such allegations.
U.S. President Donald Trump has sent Secretary of State Mike Pompeo to Saudi Arabia. Meanwhile, a Turkish team entered the Saudi consulate in Istanbul on Monday evening local time to conduct a search over the disappearance of Khashoggi.
The incident has led to rising tensions between Saudi Arabia, Turkey and western powers, triggering safe-haven mentality among investors.
The most active gold contract for December delivery went up 8.3 dollars, or 0.68 percent, to close at 1230.30 dollars per ounce.
Meanwhile, the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.36 percent to 95.00 as of 1631 GMT.
When the dollar goes down, the gold usually rises as it makes dollar-priced gold less expensive for investors using other currencies.
As for other precious metals, silver for December delivery went up 9.2 cents, or 0.63 percent, to close at 14.727 dollars per ounce. Platinum for January 2019 delivery was up 6.30 dollars, or 0.75 percent, to settle at 846.30 dollars per ounce.
Jamal Khashoggi, a Saudi journalist and columnist for the Washington Post, has gone missing after he entered the Saudi Consulate in Istanbul earlier this month. Turkey believes the journalist was murdered while inside the consulate, but Saudi Arabia has so far denied such allegations.
U.S. President Donald Trump has sent Secretary of State Mike Pompeo to Saudi Arabia. Meanwhile, a Turkish team entered the Saudi consulate in Istanbul on Monday evening local time to conduct a search over the disappearance of Khashoggi.
The incident has led to rising tensions between Saudi Arabia, Turkey and western powers, triggering safe-haven mentality among investors.
The most active gold contract for December delivery went up 8.3 dollars, or 0.68 percent, to close at 1230.30 dollars per ounce.
Meanwhile, the U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell 0.36 percent to 95.00 as of 1631 GMT.
When the dollar goes down, the gold usually rises as it makes dollar-priced gold less expensive for investors using other currencies.
As for other precious metals, silver for December delivery went up 9.2 cents, or 0.63 percent, to close at 14.727 dollars per ounce. Platinum for January 2019 delivery was up 6.30 dollars, or 0.75 percent, to settle at 846.30 dollars per ounce.
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