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.

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