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Bloomberg
Gold surged to its highest since 2013 as rising tensions in the Middle East stoked demand for havens, with Goldman Sachs Group Inc. seeing more room to run. Palladium extended gains to a fresh record.
Bullion neared $1,600 an ounce after Tehran said it would no longer abide by any limits on its enrichment of uranium following the killing of General Qassem Soleimani.
Gold may prove a better bet than oil amid rising tensions, according to Goldman analysts. Spot gold climbed as much as 2.3% to $1,588.13 an ounce on Monday, the highest level since April 2013, and traded at $1,576.67 at 7:54 am in New York.
Prices could reach $1,600 if tensions escalate further, according to UBS Group AG and ABN Amro Bank NV.