Gold and silver prices jumped more than 1% on Monday as investors fled to safe-haven assets after an attack on Saudi oil facilities raised concerns over global energy supply and ratcheted tensions in the Middle East.
Like gold, silver is seen as a safe-haven investment but the metal is also used in the production of consumer electronics goods as well as in the industrial sector, such as solar panels.
Global growth outlook remains subdued amid the ongoing trade war between the U.S. and China, which could potentially sustain demand for safe-haven assets. Chinese Premier Li Keqiang said in a recent interview that it is “very difficult” for the world’s second-largest economy to maintain a growth rate at 6% or more.
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