The price of gold rose to an all-time high of $1,251.85 an ounce this morning, as investors sought a safe haven in the precious metal amid mounting worries about the global economy.
US oil futures rose as the euro bounced up, lifting oil ahead of data expected to show US crude stocks fell last week.
Trading was choppy as worries over Europe's fiscal health and the impact of austerity plans on economic growth have weighed on Europe's stock markets and kept Wall Street trading choppy after a higher open.
Front-month US crude rose 70 cents to $72.14, having traded from $70.75 to $72.39. ICE Brent rose 12 cents to $72.24.
The euro rose to a session peak against the dollar after seesawing, and also bounced up versus the Swiss franc. Traders cited possible intervention by the Swiss National Bank to weaken that currency.
US crude inventories were expected to have fallen for the second straight week as import volumes declined, a poll of analysts said ahead of the oil stocks report this week.
Saudi Arabia's influential oil minister said in remarks published yesterday that oil prices would stay in the 'ideal realm' of $70 to $80 a barrel.
The European debt crisis and the weak US jobs picture could mean a cut in oil demand projections from leading forecasters this week, which would pressure oil prices. OPEC is due to release its oil outlook on Wednesday followed by the International Energy Agency's (IEA) forecast on Thursday.
