Gold reaches seven-year high

Gold reaches seven-year high

Gold surged on Monday to a near seven-year high as the U.S. killing of a top Iranian commander caused fears of a wider conflict in the Middle East. Palladium surpassed $2,000 an ounce for the first time, Reuters reports.

Spot gold was up 0.8% at $1,564.00 per ounce as of 12:21 p.m. ET (1721 GMT), after rising to $1,579.72 earlier in the session, its highest since April 2013.

U.S. gold futures gained nearly 1% to $1,566 per ounce, Reuters informs.

“The markets are nervous about what comes next between the United States and Iran; there are political risks and there is safe haven buying in gold,” said Bob Haberkorn, senior market strategist at RJO Futures.