Gold Hits New Highs, Oil Soars On Reports of Trouble In Middle East

The spot price of gold is currently soaring to new highs as a result of reports related to the ongoing situation in the Middle East between the United States and Iran within Iraq. Recent reports published by Fox News and ZeroHedge have indicated that Iranian missiles have attacked multiple locations of US forces in the region.

Gold has neared the US$1,600 per ounce mark, topping out at $1,598.25 at the time of writing as a result of the current reports flooding in across social media and news agencies of the attacks.

Crude oil has also begun to soar as a result of the unfolding events, with the futures for the WTI (USOIL) climbing 4.23% at the time of writing to $65.31 from the days low of $62.67. Oil hit a high of $65.44 before selling off marginally to current levels.

Meanwhile the S&P 500 index has tumbled as a result of the reports. After opening at $3,233 on the hour, the index fell as far as $3,197 following the news.


The author has no securities or affiliations related to any organization mentioned. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

RNC Minerals To Change Name, Acquire Australian Gold Property

Royal Nickel Corporation, whom as of late has been doing business as RNC Minerals (TSX:...

Monday, May 11, 2020, 08:51:35 AM

Karora Resources Begins Trading Post-Consolidation Today

Karora Resources (TSX: KRR) announced yesterday evening that the equity will begin trading on a...

Friday, July 31, 2020, 08:36:19 AM

Pure Gold Hits 296.1 G/T Gold Over 4.9 Metres In Underground Drilling

Pure Gold Mining (TSXV: PGM) has released results from its ongoing drill program at its...

Tuesday, October 27, 2020, 09:01:02 AM

Gold Crosses $2,000 An Ounce Amid Market Fears

Gold this morning hit a new 52-week high before giving back some of its gains....

Monday, March 20, 2023, 08:34:07 AM

Yamana Gold Becomes Strategic Investor In Freeman Gold

Yamana Gold (TSX: YRI) has become a strategic shareholder in Freeman Gold (CSE: FMAN), with...

Tuesday, September 8, 2020, 09:23:18 AM