Gold near 7-year high as Middle Eastern tensions rise

Tensions in the Middle East continue to be the dominant theme for markets at the start of a new week with Oil (+1.8%) prices pushing higher, safe haven assets such as Gold (+1.7%) and government bonds gaining and stock markets pulling back. Oil earlier moved above the $70 mark to trade at its highest level since May while you have to go all the way back to 2013 to find a higher price for Gold, with the precious metal trading above the $1580/oz mark overnight.

Gold has gapped up through last year's peak of $1557 to trade at its highest level since April 2013 as traders rush to buy the safe-haven asset due to the escalating tensions in the Middle East. Source: xStation

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