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Price of gold and oil increase amid US-Iran tensions

© Belga

The escalated tensions between United States and Iran has created a stronger demand for gold, traditionally a ‘safe haven’ in times of crisis.

The price for an ounce (31.1 grams) of gold briefly passed the $1,600 mark on Tuesday night, it’s highest level since 2013.

The price per ounce of gold then fell to 1,594 dollars, which remains 20 dollars above its value of the day before.

Oil prices have also increased following the two missile attacks by Iran on bases in Iraq housing US troops, coming as retaliation of the killing of General Soleimani.

The price of a barrel of Brent from the North Sea reached 70.89 dollars just after the attack. At 9.35 Belgian time the price dropped back below the 70 mark to 69 dollars a barrel.

The Brussels Times