WASHINGTON (dpa-AFX) - Gold prices were slightly higher on Monday amid concerns that Europe is heading for recession.
Spot gold edged up 0.1 percent to $1,714.37 per ounce, while U.S. gold futures were up 0.2 percent at $1,725.30.
The euro fell to its lowest level against the U.S. dollar in 20 years today after Russia extended a halt on gas flows through a major pipeline to Europe, sparking further fears of energy rationing in the region as winter approaches.
Moscow was reacting to a decision announced Friday by the Group of Seven finance ministers to cap the price of Russian oil.
European gas prices soared 30 percent in early trading today as the energy crisis threatened to turn into an economic and financial crisis.
China's COVID-19 woes and a slew of weak European data released earlier in the data also sparked upside support in the yellow metal.
Chinese authorities extended Covid-19 lockdowns of Chengdu and Shenzhen, fueling anxieties that restrictions initially planned for days could extend into weeks or longer as occurred in Shanghai this year.
U.S. stock markets are closed today for the Labour Day holiday.
Trading later in the week may be impacted by reaction to reports on service sector activity and the U.S. trade deficit along with remarks by several Fed officials, including Chair Jerome Powell.
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