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Gold Prices Gain More Than 1% Amid Intensifying U.S.-Iran Conflict

Investing.com - Gold prices gained more than 1% on Wednesday in Asia amid intensifying U.S.-Iran conflict.

Gold Futures for February delivery on New York’s COMEX traded 1.1% higher to $1,592.05 per ounce by 11:17 PM ET (03:17 GMT). The yellow metal is now near its high level since 2013, with some analysts saying the market seems set on a near-term high of $1,600.

The gains followed new of an Iranian attack on military facilities in Iraq hosting American troops, escalating tensions in the Middle East. The attack came hours after the funeral of Qassem Soleimani, the commander of the country's elite Quds Force killed in a U.S. drone stroke on Jan. 3.

Later, Iran said it had “concluded proportionate measures” and wasn’t seeking war. U.S. President Donald Trump said he will make a statement later in the day.

The safe-haven metal has surged since the beginning of the year as conflict in the Middle East grew.

Besides the U.S.-Iran standoff, investors were also on the lookout for next week’s tentative signing of the U.S.-China phase one deal. The two nations will reportedly sign the deal on Jan. 15 in Washington.

Traders will also focus on speech by Federal Reserve officials Richard Clarida, John Williams, James Bullard and Charles Evans on Thursday for hints on the Fed’s future monetary policy path.

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