President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
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"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
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Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Gold held near a two-month low on Wednesday, under pressure from an advancing dollar ahead of a vote on the U.S. tax reform plan, but a potential government shutdown lent support to prices.
Spot gold slipped 0.11 percent to $1,264.78 an ounce by 1:50 p.m. ET after it hit its weakest since Oct. 6 in the previous session.
U.S. gold futures rose 0.17 percent to $1,267.10 an ounce.
The dollar index firmed on uncertainty around a possible U.S. government shutdown if lawmakers fail to reach a budget accord before a Friday deadline.
A stronger greenback makes dollar-denominated assets, such as gold more expensive for holders of other currencies.
"A shutdown in the government should be positive for gold but that could be temporary because no one really expects the U.S. to default," said Capital Economics commodities economist, Simona Gambarini.
In November, gold traded in its narrowest range in 12 years. Meanwhile, the Republican-controlled U.S. House of Representatives voted on Monday to go to conference on tax legislation with the Senate, moving Congress another step closer to a final bill.
Adding pressure on gold was market expectation that the U.S. Federal Reserve is almost certain to raise interest rates next week at its final monetary policy meeting for the year, a view reinforced by a Reuters poll of economists.
"Gold stays under pressure in the short run as the market is repricing a little bit more Federal Reserve activity next year and the global economy is sparking an uptrend, earnings coming in well and the value for safe-haven assets like gold is diminishing," said Dominic Schnider at UBS Wealth Management in Hong Kong.
Capital Economics' Gambarini said the price of gold had not fully reflected expectations of a U.S. rate rise next week and in 2018 and therefore saw gold easing further in the short term.
Gold is highly sensitive to rising U.S. rates, as these lift the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.
Meanwhile, holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust , fell on Tuesday.
But a November reading of global holdings of gold-backed ETFs showed they rose by 9.1 tons to 2,357 tons, with net inflows coming entirely from Europe as the dollar fell, the World Gold Council said.
Among other precious metals, silver fell 0.75 percent to $15.97 an ounce, after hitting its lowest since mid-July in the previous session.