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Gold rises after oil attack

The gold price has bobbed back above US$1,500 an ounce on the spot market following news of a drone attack on Saudi oilfields over the weekend.
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Northern Star is looking to optimise the plant at its Pogo gold mine in Alaska

Staff reporter

It was trading at $1,503/oz earlier, ahead of a US Federal Reserve meeting later this week.

Copper had finished last week up 2.5% on the London Metal Exchange after goodwill trade gestures between the US and China improved sentiment.

Market futures are proving mixed at the start of the week.

Rio Tinto (LSE: RIO) closed up about 2.2% in London on Friday, while metals and mining stocks closed 2.7% higher in Toronto.

In Australian trade, BHP (ASX: BHP) was up 3.5% at the time of writing.

Western Australia-based gold miner Northern Star Resources (ASX: NST) was up 5.6% ahead of its presentation tomorrow to the Denver Gold Forum in the US.

Other presenters include majors Barrick Gold (TSX: ABX) and Newmont Goldcorp (NYSE: NEM), which last closed up 1% and down 0.1% respectively.