Gold prices have surged to a four-month high, as tensions in the Middle East escalate in the wake of the US killing of a prominent Iranian military commander in Baghdad.
The US conducted a strike against a vehicle convoy in Baghdad on Friday and the Pentagon confirmed the death of Qasem Soleimani, Commander of Islamic Revolutionary Guards Corps-Quds Force and Abu Mehdi Muhandis.
On Friday, spot gold was priced at $1,543.66, the highest since September 5, while U.S. gold futures surged 1 percent to $1,543.30 per ounce.
“After the recent escalations in geopolitical issues, we see a resistance level near the $1,575 level for the next week,” said Jigar Trivedi, a commodities analyst at Anand Rathi Shares & Stock Brokers in Mumbai, told Reuters.
Stocks prices in the Gulf were also down on early trading on Sunday, with Kuwait’s benchmark index down more than 4 percent after just a few minutes, with loses also in Abu Dhabi, Dubai and Oman.
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