Gold rose more than 1 percent on Monday, extending gains as geopolitical risks drove investors to safe-haven assets after the metal’s third-straight weekly decline Saudi Arabia’s future king, Crown Prince Mohammed bin Salman, tightened his grip on power
through an anti-corruption purge by arresting royals, ministers and investors including billionaire Alwaleed bin Talal who is one of the kingdom’s most prominent businessmen.
Oil prices rose 3.5 percent on Monday, hitting the highest since early July 2015, as Saudi Arabia’s crown prince cemented his power with an anti-corruption crackdown, while the U.S. rig count fell and markets continued to tighten. Saudi Crown Prince Mohammed bin Salman tightened his grip with the arrest of royals, ministers and investors, including billionaire Alwaleed bin Talal and the powerful head of the National Guard, Prince Miteb bin Abdullah.
Nickel and copper raised on Monday, boosted by expectations of healthy demand from the electric vehicle sector, a pollution crackdown in China and signs of solid global economic growth. Participants at the LME Week industry gathering in London last week were bullish about the sector’s prospects, especially because of anticipated growth in demand for electric vehicles, which depend heavily on nickel and copper.
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