GOLD peaked to a near seven-year high of US$1579.72 after the US launched a deadly attack against Iranian military leader Major General Qassem Soleimani.
The destabilising effect on the international market was swift, and was the latest in a string of contributing factors that has continued to drive investors to gold as a safe-haven metal to protect against market downturn.
The price spike has come after a momentary lapse in gold’s momentum in Q4 2019, surging to its highest price since April 2013.
The assassination of General Soleimani has escalated international fears that tensions between Washington and Tehran could spill over into a new war in the Middle East.
The targeted attack was given the go-ahead by US president Donald Trump as Iran’s covert activities in the Middle East continue to destabilise the region and frustrate Washington.
The Iraqi parliament called for the expulsion of all foreign troops from the country.
While Iran promised escalation, President Trump threatened to hit 52 Iranian sites, including important cultural sites, should Tehran retaliate.
The General was head of the elite Quds Force of the Islamic Revolutionary Guard Corps and has long been seen by Israel and the US as one of the region’s most dangerous and powerful figures.
