Gold after US strike against Iran general at 4-month high, $ 1,600 likely

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Investing.com – Gold prices have risen the most since late August, hitting a four-month high that could push the market to $ 1,600 an ounce after a fatal US air strike on an Iranian general.

Gold futures for delivery to COMEX in New York in February were $ 24.30, or 1.6%, at $ 1,552.40 an ounce after the drone strike near Baghdad Airport, at Qassem Soleimani, the Commander of the Quds Force of the Iranian Revolutionary Guard was killed. Tehran has vowed to avenge the death of Soleimani, which President Donald Trump ordered.

It reached a session high of $ 1,556.05, a high since September 6. The 1.6% increase to COMEX gold was also the highest since August 23. The yellow metal is also less than 1% from its highest price since April 2013, a potential six-year high, before it reaches the $ 1,600 level.

Spot gold, which tracks live gold bar trading, rose $ 19.37, or 1.3%, to $ 1,548.22 by 3:30 p.m. CET, after peaking at $ 1,553.53 earlier.

Gold prices rose a total of 2% in the last two sessions, resulting in similar weekly gains in gold bars and futures on the COMEX.

Gold usually recovers due to political and economic problems. Iran and the United States have signed a global nuclear deal since Trump in 2018, which Tehran concluded with Washington and other world powers and reintroduced sanctions against the Islamic Republic.

"We took measures to end a war last night. We are not taking measures to start a war," Trump said in a television speech Friday.

Pantheon Macroeconomics chief economist Ian Shepherdson said sensitive assets such as oil and gold may continue to recover from the escalation of the conflict in the United States.

"Our basis is that a war between the United States and Iran is unlikely, although we appreciate the old adage that nothing brings a country together more effectively than an outside threat," said Shepherdson.

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