Prices of the safe-haven rose more than 1% on Monday in Asia as U.S.-Iran spurred safe-haven appetite.
Gold Futures for February delivery on New York’s COMEX gained 1.7% to $1,578.15 by 12:01 AM ET (04:01 GMT). It is now near the highest level in more than six years.
The yellow metal jumped around 2% on January 3 after a US airstrike on Baghdad killed a top Iranian commander in the attack, triggering safe-haven buying in precious metals.
Following the attack, Iran’s government said it would no longer abide by any limits on its enrichment of uranium, while U.S. President Donald Trump told U.S. lawmakers on Sunday he was prepared to strike Iran “in a disproportionate manner” if it retaliates against any U.S. target.
Rising geopolitical concerns are likely to keep the momentum going in gold, analysts said.
Source : Investing.com