LONDON: Gold jumped to its highest level in over seven years yesterday as the surprise decision by the Organisation of Petroleum Exporting Countries (Opec) to cut oil output combined with a weak US dollar to burnish the metal’s allure as a safe-haven asset.
Share prices have fallen on concerns that higher oil prices could jeopardise an economic rebound in the United States, leading to a wave of short-covering that earlier pushed gold in Asia to the highest level since September 1996.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
