A drone strike which targeted crude oil facilities in Saudi Arabia has been driving demand for gold this week with investors increasingly turning to the precious metal as a safe haven.
The strike is just the latest in global political and economic turmoil and sent oil prices soaring thanks to new worry of a crisis in the Middle East. The attacks saw gold prices increase in the immediate aftermath, with a gain of around 1%. President Trump took to Twitter to say that the US was “locked and loaded” which may suggest that retaliatory action is planned. If this is the case, expect gold to be in even greater demand.