Sharply higher crude oil prices for a prolonged period of time could weaken the global economy, which may already be on the brink of recession. This would force central banks who are in a position to do so, to lower interest rates dramatically, while driving up demand for gold. The catalyst behind the moves in the financial markets was a weekend attack on Saudi Arabia’s major oil processing facility at Abqaiq and the nearby Khurais oil field, taking out 5.7 million barrels of daily crude production, or 50% of the kingdom’s oil output. That represents more than 5% of global oil production. Looking ahead, critical policy decisions from central banks this week, including the Federal Reserve, are expected to dictate movement of the yellow metal. The U.S. Federal Reserve is widely expected to lower interest rates again at the conclusion of its two day policy meeting on Wednesday. A strong Dollar can signify a weaker Gold.