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
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread 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
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Attack on Saudi oil facilities shows that 'risk is real', Chevron CEO Michael Wirth said on CNBC's "Closing Bell" Monday.Marketsread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
* SPDR Gold holdings rise 0.5% on Wednesday
* Gold may see strong support at $1,330/oz - analyst (Adds comments, updates prices)
June 13 (Reuters) - Gold prices advanced on Thursday as demand for the safe-haven metal rose on expectations of an interest rate cut by the U.S. Federal Reserve following soft inflation data, and on escalating trade tensions between the world's top two economies.
Spot gold was up 0.3% at $1,336.45 per ounce, as of 0309 GMT. U.S. gold futures were also 0.3% higher, at $1,340.10 an ounce.
"We can see strong support at $1,330 for gold, and the metal looks to trade upside with expectations of lower interest rates," said Peter Fung, head of dealing at Wing Fung Precious Metals.
"Also, we are still worried about the (U.S.-China) trade war and people are still looking at gold as a safe haven," he said.
Data from the Labor Department showed on Wednesday U.S. consumer prices barely rose in May, pointing to moderate inflation that together with a slowing economy increased pressure on the Federal Reserve to cut interest rates this year.
Fed policymakers are scheduled to meet on June 18-19 against the backdrop of rising trade tensions, slowing growth and a sharp step-down in hiring in May which have led financial markets to price in at least two rate cuts by the end of 2019.
Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.
The dollar index versus a basket of six major currencies was down 0.1% on Thursday, having risen more than 0.3% overnight.
On the trade front, U.S. President Donald Trump said he had a "feeling" a U.S.-China trade deal could be reached, but reiterated his threat of increasing tariffs on Chinese goods if there is no agreement.
However, Trump declined to set a deadline for levying tariffs on another $325 billion of Chinese goods and called the relationship with Beijing good but "testy" after China walked back commitments for a trade deal.
Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.5% to 759.70 tonnes on Wednesday from 756.18 tonnes on Tuesday.
Among other precious metals, silver rose 0.4% to $14.79 per ounce and platinum gained 0.3% to $811.
Palladium fell 0.3% to $1,401.55 an ounce after hitting a more than one-month high of $1,414.40 in the previous session. (Reporting by Brijesh Patel in Bengaluru; Editing by Subhranshu Sahu)