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GOLD RALLIES 2% TO FRESH HIGHS IN RISK-OFF START TO THE WEEK

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  • Gold rallies to fresh highs on risk-off flows and liquidity returning.
  • Iranian Supreme Leader, Ayatollah Ali Khamenei, said harsh revenge awaited the (US) “criminals”.


Gold os popping to fresh highs in a gap from $1551 to a high of $1587.93. The price of gold is elevated following a bid for safe-haven assets which are benefitting from tensions in the Middle East escalating due to last week's killing of a leading Iranian commander in a US airstrike in Iraq.

The US drone strike which killed Major General Qassem Soleimani, head of the Quds Force, the Iranian Supreme Leader, Ayatollah Ali Khamenei, said harsh revenge awaited the (US) “criminals”. while US President Donald Trump said over the weekend America is ready to strike 52 Iranian sites “very hard” if US assets are attacked. Subsequently, the price of the yellow metal is holding in the $1,550s following a risk-off close on Friday in US benchmarks which moved back from their all-time peaks in response to Friday’s headlines as the Dow Jones, S&P 500 and Nasdaq Composite declined 0.81%, 0.71% and 0.79%, respectively.



Ghinie

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