Spotlight on Saudi oil factories

Gold prices surged more than 1% on Monday, as investors rushed for safe haven assets after weekend attacks on Saudi oil facilities could disrupt global energy supplies and oil prices. 39, increase tensions in the Middle East.

Spot gold was up 1.2% to $ 1,506.87 an ounce at 00:50 GMT, marking its largest percentage increase since a day since August 23.

Gold futures in the United States advanced 1.1% to $ 1,516.10.

The Yemeni group Houthi, aligned with Iran, said it Saturday attacked two factories located in the heart of the Saudi oil industry, eliminating more than half of the kingdom's production.

US President Donald Trump said on Sunday that the United States was "stuck and laden" in anticipation of a possible reaction to the attack on Saudi oil facilities after a senior official in his administration said that Iran was to blame.

Oil prices reached their highest level in six months on Monday, as Wall Street futures declined and safe havens rebounded after attacks on oil processing facilities in Saudi Arabia Saudi Arabia have canceled more than 5% of the world oil supply.

The US Federal Open Market Committee meets Tuesday and Wednesday. President Jerome Powell will hold a press conference after the release of the central bank statement.

China will exempt some agricultural products from additional tariffs on US products, including pork and soybeans, the Chinese Xinhua news agency said Friday, revealing the latest sign of easing tensions between the Sino and the United States before the resumption of negotiations.

Chinese Premier Li Keqiang said it would be "very difficult" for the Chinese economy to grow at a rate equal to or greater than 6% due to the high base of departure and the complex international context.

British Chambers cut their economic growth forecasts for this year and 2020 on Monday, due to the slowdown in the global economy, trade tensions between the US and China and the persistent slowdown in Brexit.

SPDR Gold Trust, the largest gold-backed exchange-traded fund in the world, said its holdings fell 0.67% to 874.51 tonnes on Friday.

Hedge funds and money managers reduced their bullish positions in the COMEX gold and silver contracts during the week of September 10, the US Commodity Futures Trading Commission (CFTC) announced Friday.

Newmont Goldcorp announced Sunday it has temporarily suspended its activities at the Peñasquito gold mine in Mexico after resumption of a blockade lifted by a trucking contractor and some members of the Cedros community.