UNITED STATES (OBSERVATORY NEWS) — Gold prices jumped on Friday to their highest level in four months and broke through the $ 1550 an ounce barrier after a US air strike in Iraq killed a prominent Iranian military commander, which sparked a buying spree in safe assets.
And gold rose in immediate transactions 1.2 percent to 1546.68 dollars an ounce in late trading session after recording earlier in the session 1553.20 dollars, the highest level since the fifth of September.
And US gold futures rose 1.5 percent to settle at $ 1552.40.
Qassem Soleimani, commander of the Iranian Revolutionary Guards Corps and Abu Mahdi al-Muhandis, leader of the Iraqi Popular Mobilization Forces, was killed in an air strike on their convoy in Baghdad last night.
“The news coming from the Middle East coupled with some buying driven by technical factors and the weakening dollar is supporting gold prices today,” said Benjamin Lu, analyst at Philip Futures.
Gold, like other safe investment assets, benefits in times of political uncertainty. Over the course of the week, gold jumped more than 2.5 percent, its best weekly gain since early August, and continued to rise for the fourth consecutive week.
The precious metal was also backed by the dollar dropping to a two-month low against the yen, which is also a safe haven, as tensions escalate in the Middle East.
Among other precious metals, silver stabilized at $ 18.02 an ounce, while palladium rose 1.3 percent to 1985.70 dollars an ounce after recording earlier in the session 1988.27 dollars, not far from the all-time high of $ 1998.43 dollars it recorded in December .
And platinum increased 0.24 percent to $ 980.86 an ounce, recording its biggest weekly gain since October.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
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