Commodity News
HeadLine : Gold jumps to near 7-year high as Mideast tensions spur safe-haven appetite
Date : Jan 6 2020
Gold soared to its highest in nearly seven years on Monday, as intensifying tensions in the Middle East drove investors towards the safe-haven metal, while palladium surpassed $2,000-level to hit a record high. Spot gold rose 1.4% to $1,573.14 per ounce. It rallied as much as 1.8% and touched its highest since April 10, 2013 at $1,579.55 earlier in the session. U.S. gold futures gained 1.6% to $1,577.80. Iraq on Sunday called for U.S. and other foreign troops to leave amid a growing backlash against the U.S. killing of a top Iranian military commander that has heightened fears of a wider Middle East conflict. U.S. President Donald Trump threatened sanctions against Baghdad on Sunday for the move, and said if troops did leave, Baghdad would have to pay Washington for the cost of the air base there. Iran announced on Sunday it would abandon limitations on enriching uranium, taking a further step back from commitments to a 2015 nuclear deal with six major powers. Bullion is considered a safe asset during times of financial and geopolitical uncertainty.

Source : Investing

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