Investing.com - Gold prices rose more than 1% on Friday in Asia as tensions in the Middle East intensified after reports said a U.S. airstrike killed a senior Iranian military official.
Gold Futures gained 1.1% to $1,544.25 by 1:45 AM ET (05:45 GMT).
The gains came after reports said a U.S. airstrike on Baghdad killed Qassem Soleimani, the Iranian general who led the Revolutionary Guards’ Quds force.
Iran’s supreme leader, Ayatollah Ali Khamenei, has vowed that “severe retaliation” awaits those who killed the commander, Bloomberg said on Friday.
"Gold prices are expected to remain firm on the possible escalation in geopolitical tensions in the Middle East. Gold prices sustained above $1545 could extend the rally towards $1555-1564 in international markets," said Manoj Kumar Jain, director at IndiaNivesh Commodities.
Last year, the yellow metal recorded its biggest annual gain since 2010 as looser monetary policy, unrest in regions from Chile to Hong Kong and buying sprees from key central banks and exchange-traded funds supported the haven.