Gold prices hit all-time high hours after Iran attacks Iraqi airbases
In a first, gold on Wednesday surged above $1,600 an ounce. Gold prices jumped more than 2 per cent early today. Gold pared gains as Iran’s foreign minister said the country had concluded proportionate measures and isn’t seeking escalation or war, although it would defend against any aggression, media reports said. Bullion is off to a scorching start in 2020, with investors in thrall to the rising hostilities in the Middle East. Prices are building on their biggest annual gain in almost a decade, which was driven in part by easier monetary policy by central banks and global growth concerns, reports with Bloomberg said.
According to a compiled data, spot gold jumped as much as 2.4 per cent to $1,611.42 an ounce, the highest since 2013, before paring its advance and trading at $1,586.24 by 10:55 a.m. in Singapore.
Futures jumped as much as 2.5 per cent. Holdings in bullion-backed exchange-traded funds rose to the highest since November on Tuesday, according to data compiled by Bloomberg.
The development comes hours after Iran launched multiple ballistic missiles at Iraq airbases housing US troops. The attacks came as a retaliation to the killing of top Iranian general Qasem Soleimani.
There were no immediate reports of any casualties in the bombings. However, reports later claimed 80 people were killed in the missile attacks on US bases in Iraq.
Also Read | Gold prices fall ₹420 on stronger rupee
Also Read | Gold prices drop as US-Iran tensions ease. Check revised gold, silver rates
