Gold and Gold ETF’s like SPDR Gold Trust (ETF) (NYSEARCA:GLD) rose Monday, benefiting from safe-haven buying as an attempt over the weekend by major oil producers to curb crude oil output fell apart. Uncertainty over U.S. monetary policy also appeared to have a hand in gold’s rise. Gold prices have steadied in the recent weeks after the yellow metal hit a 30-year high in 1Q2016.

U.S. gold futures for June delivery were trading up 0.34% at $1,238.6 an ounce. Spot gold hit a session high of $1,239.30 an ounce, but later gave up some gains and traded up 0.2% $1,236.20.

Oil tumble

iPath S&P GSCI Crude Oil Total Return (NYSEARCA:OIL) tumbled in Asian markets, a day after major oil producers meeting in Doha, Qatar failed to agree to reduce production to at least prop up the price of crude oil. Saudi Arabia said it couldn’t cut its output unless Iran also agreed to do the same. But Iran has been unresponsive in the call to lower crude oil output to help address the prevailing oil glut on the global market that has doused prices.

As the Doha meeting approached, investors appeared to flirt with energy stocks, betting that a deal to curb crude production would be reached at the meeting. That was never to be, triggering selloff of energy stocks in Asia.

Crude oil for June delivery fell 4.48% to trade at $39.86 per barrel on the New York Mercantile Exchange. Brent fell 4.22% to trade at $41.29.

As oil fell, investors turned attention to gold, thus lifting the price of the precious metal.

Easing measures in Europe, Asia

Interest in gold also appears to be supported by the loose monetary policies in Europe and Asia as central banks in the regions try to spur growth. The uncertainty over Fed rate hikes is another reason investors are buying safe-haven assets such as gold. Although the Fed is expected to perform two rate hikes in 2016 down from four that were initially anticipated, the pace at which those rate hikes will come is unknown, thus the uncertainty.