Gold surged above $1 600/oz for the first time in more than six years after Iran attacked military facilities in Iraq hosting American troops in retaliation for the killing of a top general by US forces last week.
Prices jumped more than 2% after Iran fired a series of rockets at two US-Iraqi bases early Wednesday morning Baghdad time. Gold pared gains as Iran’s foreign minister said the country had concluded proportionate measures and isn’t seeking escalation or war, although it would defend against any aggression.