Gold prices surged more than 2 percent on Wednesday, crossing the key $1,600 mark, as investors sought cover in the safe-haven metal after Iran fired rockets at Iraqi airbase which hosts USforces.
Spot gold climbed 1.9 percent to $1,603.21 per ounce by 0056 GMT. Prices hit their highest since March 2013 at $1,610.90 earlier in the session. US gold futures GCv1 rose 2 percent to $1,605.80.
The jump in the price of what’s viewed by investors as a safer asset in times of political and economic uncertainty came after Iran’s missile attack on US-led forces in Iraq early on Wednesday. The attack came hours after the funeral of an Iranian commander whose killing in the US. drone strike has raised fears of a wider conflict in the Middle East.
The United States confirmed reports of the attack by Iran and said President Donald Trump had been briefed and the situation was being monitored.
On the trade front, in a move that would make it tough for Beijing to meet import commitments in its ‘Phase 1’ trade deal with the United States, China will not increase its annual low-tariff import quotas for corn, wheat and rice to accommodate additional purchases of US farm goods.
Elsewhere, palladium hit a fresh all-time peak of $2,056.01 an ounce earlier in the session on a sustained supply deficit, and was last down 0.6 percent to $2,040.57.
Silver jumped 1.2 percent to $18.60 per ounce, after hitting its highest since late September at $18.71, while platinum advanced 0.3 percent to $973.95.
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Updated Date: Jan 08, 2020 07:44:58 IST