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“Energy security fears will remain front and centre this week as Gazprom will shut its mainline pipeline to deliver gas to Western Europe for three days from 31 August to 2 September,” said Joseph Capurso, head of international economics at CBA, referring to supplies from Russian gas giant Gazprom.
“There are fears gas supply may not be turned back on following the shutdown.”
Those fears saw natural gas futures in Europe surge 38% last week, adding further fuel to the inflation bonfire.
The rise of the dollar and yields has been a drag for gold, which was down 0.8% at $1,723 an ounce.
Oil prices swung higher on speculation OPEC+ could cut output at a meeting on Sept 5. Brent rose 29 cents to $101.28, while U.S. crude firmed 49 cents to $93.50.
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