Gold prices rose to a three-month high on Monday, as the dollar weakened against major currencies and equities stayed sluggish amid rising concerns about trade war.
Gold futures for December ended up $8.30, or 0.7%, at $1,230.30 an ounce. On Friday, gold futures settled at $1,222.00 an ounce, losing $5.60, or 0.5%.
Silver futures for December ended up $0.092, at $14.727 an ounce.
Copper futures for December settled at $2.7885, down $0.0120 from previous close.
Investors were seeking the safe haven yellow metal amid a growing feud between the U.S. and Saudi Arabia over the disappearance of a prominent Saudi journalist.
According to reports, U.S. President Donald Trump has warned of “severe punishment” if Saudi Arabia was behind the disappearance of its dissident journalist Jamal Khashoggi who was reportedly killed inside the Kingdom’s
consulate in Istanbul. Riyadh said it would retaliate if there were any sanctions by the U.S.
Jamal Khashoggi, a prominent critic of Riyadh and a U.S. resident, disappeared early this month after visiting the Saudi consulate in Istanbul.
In U.S. economic news, the Commerce Department said retail sales inched up by 0.1% in September, matching the uptick seen in August. Economists had expected retail sales to climb by 0.5%. Excluding a rebound in auto sales, retail sales edged down by 0.1% in September after rising by a downwardly revised 0.2% in August.