Oil rallies & gold hits 7-year high as tensions flare in the Middle East

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The escalating situation in the region following the assassination of a top Iranian military commander has given the yellow metal its highest rates in nearly seven years, and raised oil to prices last seen in mid-2019.

Gold, which is considered a safe haven investment amid political and economic turmoil, gained around 1.5 percent on Monday. At one point the precious metal hit $1,579.55 per ounce, the highest price since April 2013. As of 08:07am GMT it was already down to $1,571.95 per ounce – still around 1.3 percent more than in the previous session.

Rising US-Iran tensions could further boost gold prices, according to Goldman Sachs’ projections. “All in all, we stick with our three, six and 12-month forecast of $1,600/toz (per troy ounce) but see upside risks if geopolitical tensions worsen,” its strategist said in a note Monday.


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