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Gold approaches 6-year high as US-Iran tensions send traders fleeing to safety

Gold approaches 6-year high as US-Iran tensions send traders fleeing to safety
REUTERS/Ilya Naymushin



Gold bullion soared as much as 1.5% Friday morning, nearing a six-year high after a US airstrike killed one of Iran's most powerful generals and spiked tensions between the two nations.




The safe-haven asset typically surges alongside rising geopolitical tension as traders flee volatile markets for hedge investments.




President Donald Trump ordered the strike that killed Qassem Soleimani, the leader of Iran's elite Quds Force, on Thursday. Iran's supreme leader quickly warned of "harsh retaliation," and an advisor to Iran's president said the US crossed a "red line" with the attack.




Watch gold trade live here.




Gold traded as much as 1.5% higher in early Friday trading, nearing a six-year high after a US airstrike killed one of Iran's most powerful military leaders on Thursday and spiked tensions between the two nations.
The safe-haven asset rocketed as high as $1,551.30 per ounce, less than a 1% gain away from its highest price since April 2013. Gold typically surges in the wake of rising geopolitical tension, as unexpected volatility often drives investors away from the stock market and into hedge assets.
President Donald Trump ordered the strike that killed Qassem Soleimani, the leader of Iran's elite Quds Force. Iran's supreme leader warned a "harsh retaliation is waiting" for the US in the wake of the attack, and an advisor to Iranian President Hassan Rouhani said the US crossed a "red line" with the attack.
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