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.
Meanwhile, oil prices hovered around $71 a barrel as concerns about the euro zone debt crisis subdued optimism over US demand for energy.
US crude, down 17% from a 19-month high above $87 in early May, dipped 44 cents to $71.02, while London Brent fell 46 cents to $71.08.
US crude stockpiles were expected to have fallen for the second straight week as import volumes declined, a poll of analysts said ahead of weekly oil stocks reports this week.
Saudi Arabia's influential oil minister said in remarks published on Monday 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.
