Gold moves sharply higher following Soleimani drone attack

Gold moves sharply higher following Soleimani drone attack by Michael J Kosares for USA Gold

Gold moved sharply to the upside in overnight trading after the Pentagon released a statement verifying that the U.S. military had killed top Iranian general Qassem Soleimani in a drone attack near Baghdad. The metal is up $17.50 at $1547 as U.S. trading opens. Silver is up 7¢ at $18.11. Helima Croft, head of global commodity strategy at RBC Markets, told CNBC via e-mail that “this brings us to the precipice of a full-blown shooting war with Iran – not a shadow war or a proxy war. It is almost impossible to overstate the implications of this event.” Oil, the dollar and U.S. Treasuries also jumped on the Pentagon announcement while global stock markets tumbled.  The escalating tensions in the Middle East added to the momentum already underway in the gold market since late December. The metal is up $70 (+4.7%) since December 20th.  Silver is up $1.00 (+5.6%) over the same period.

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