The precious metal continued to rise on Monday, hitting $ 1,588.13 an ounce at its opening, its highest since April 2013.
–
Gold, a traditional safe haven, rose to higher levels on Monday for more than six and a half years amid political uncertainties with rising tensions in the Middle East.
After having jumped 1.5% on Friday in the wake of the assassination of Iranian general Qassem Soleimani by the United States, the precious metal continued to rise on Monday, reaching 1588.13 dollars per ounce at the start, a higher since April 2013.
His reaction to recent events has been “strong,” said Carlo Alberto De Casa, analyst for ActivTrades, while the political situation in the Middle East remains tense.
The Iraqi parliament on Sunday called on the government to “end the presence of foreign troops” in Iraq in a special session in the presence of Prime Minister Adel Abdel Mahdi. In response, Donald Trump threatened Iraq with “very strong” sanctions if US soldiers are forced to leave the country.
For its part, Iran has promised to avenge the assassination of General Qassem Soleimani and announced that it no longer felt bound by any limit on the enrichment of uranium, thus seeming to give the final blow to the Iran’s international nuclear agreement of 2015.
“In times of political and financial uncertainty, there is nothing better than buying gold, and even if the data seems to show excessive buying, the trend could continue as long as uncertainty remains high” commented Hussein Sayed, analyst for FXTM.
–
