Gold Steadies as Europe’s Energy Woes See Dollar Strengthen
- Euro slips as Russia halting gas supply deepens power crisis
- Central banks set to keep raising rates, weighing on bullion
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Gold was steady as mounting concerns over a worsening energy crisis in Europe drove investors to the greenback over the euro.
Europe’s currency slumped a 20-year low against the dollar as regional energy prices surged after Russia’s Gazprom PJSC halted its key gas pipeline indefinitely. Germany -- the nation most affected by the Nord Stream pipeline cutoff -- unveiled a $65 billion package to protect consumers. On Friday, European ministers will discuss special measures to rein in soaring energy costs, from gas-price caps to a suspension of power derivatives trading. The euro fell 0.3% on Monday.