The price for a barrel of Brent oil was 2.4 percent higher at $ 70.26. Tensions increased further during the weekend. US President Donald Trump threatened retaliation if Iran “did something.”
Iran vowed to take revenge again for the deadly attack on Soleimani. Attacks on Saudi oil fields could seriously disrupt the oil supply. There is also a fear that Iran will attack oil tankers in the Persian Gulf in retaliation for the death of the General.
Gold is often regarded as a safe haven in troubled times on the financial markets.
The price of a troy ounce of gold (31.1 grams) on the futures market in Singapore rose to as much as 1588 dollars, which was the highest point since April 2013. The prices of other precious metals such as palladium, platinum and silver were also on the rise. Investors are nervous after the death of a senior Iranian general in an American air strike on Friday. The United States and Iran have made repeated threats.
The gold price is still a long way from the highest level ever. That level was reached in September 2011, with a gold price of more than $ 1,900. At that time there was also great uncertainty on the financial markets.