Gold - XAU/USD

Gold Soars to Highest Levels Since April 2013: US-Iran Tensions in Focus

Posted Monday, January 6, 2020 by
Arslan Butt • 1 min read

Gold prices have surged to a seven-year high in the wake of escalating geopolitical tensions in the Middle East after recent drone strikes by the US killed a top Iranian military commanded and a senior member of a militia group. At the time of writing, GOLD is trading at a little above $1,579.

Iran’s missile forces are in a state of heightened alert even as US President Donald Trump has threatened to impose sanctions on Iraq after it passed a resolution calling for removal of US and other nations’ troops from its region. The safe haven appeal of gold is shining through as a result of worries that escalating tensions could lead to a possible warlike situation in the Middle East.

Gold prices have now climbed to the highest levels seen since April 2013 and they are likely to remain supported over continued fears of further deterioration in US-Iran relations. The market sentiment is back to risk-off with safe havens soaring while equities have started the day in the red.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Yesterday the FED delivered a hawkish pause with the DOT Plot pointing to more rate hikes, today the SNB and the BOE should hike by 25 bps
1 day ago
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments