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Soleimani killed: gold contracts at the highest level in 6 years

UNITED STATES (OBSERVATORY NEWS) — Gold futures rose at the start of weekly trading, Monday, to the highest level in 6 years and four months, taking advantage of the geopolitical tensions resulting from the killing of Qasem Soleimani.

And last Friday, the United States announced the assassination of Soleimani, commander of the Qods Force in the Iranian Revolutionary Guard, and Abu Mahdi al-Muhandis, deputy head of the “Popular Mobilization” in Iraq, on the road to the Baghdad airport.

And investments exited from funds denominated in dollars or major foreign currencies, and turned to safe haven gold, for fear of escalating tensions in the Middle East.

Iran has vowed to respond militarily to the assassination of Soleimani, by hitting American targets in the Middle East region, while US President Donald Trump said on Sunday that his country would respond “quickly and completely” if Iran attacked any US targets.

And gold futures rose for February delivery rose 1.5 percent, or $ 23.65, to $ 1576.15 an ounce (ounce), at the time (07:55 GMT).

Gold prices continued to record significant gains since the beginning of 2020, an extension of 18.1 percent growth over the past year, compared to the closing of 2018 transactions, to close at the conclusion of the December 31 session at $ 1519.95 an ounce.

Although it did not achieve quick financial returns for investors, gold is a safe haven in the event of geopolitical and economic tensions, and traders (individuals and companies) resort to it to escape the fluctuations in the exchange rates of world currencies.

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