Gold Under Pressure as Oil Rises on Supply Concerns

Gold edged higher after approaching its lowest level in more than seven weeks, while oil advanced for a second session amid concerns over potential disruptions to Middle Eastern supplies.

The modest rise in gold came after a period of pressure on the precious metal. Despite the uptick, prices remained close to their recent lows.

Oil’s gains reflected worries about the outlook for supplies from the Middle East. The concerns centred on the risk of disruption rather than any confirmed loss of supply.

Investors were also awaiting US economic data, adding another focus for trading as markets weighed the supply concerns driving oil and the pressure facing gold.