Gold Spikes After U.S. Air Strike Kills Iranian Senior Commanders

(January 2, 2020 -Michael McCrae)

Gold ran up $10 to just over $1,540 ounce, hitting a four-month high in evening trading, after news that the U.S. killed Iranian senior commanders in a Bhagdadi air strike.

The head of Iran's elite Quds Force, Major-General Qassem Soleimani, was killed after a U.S. air strike on his convoy, which was leaving the Bhagdad airport. Iranian officials confirmed the killing.

President Trump ordered the attack.

Fox News reported that Abu Mahdi al-Muhandis, the deputy commander of Iran-backed militias known as the Popular Mobilization Forces, was also killed in the air strike.

Oil jumped. Futures gained $2 to drive oil up to $63.18 a barrel. Silver was also up hitting a high of $18.20 ounce.