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Iran sets new records for gold and oil

PRAVDA Tuesday, 14 January 2020
Against the background of the alarming development in the Middle East, Brent crude oil broke through the level of $70 per barrel, which the price of gold has reached the maximum in five years.  Analysts unanimously associate the growth in prices on oil and gold with the killing of one of Iran's most prominent generals, Qasem Soleimani, which may trigger an armed conflict between the United States and Iran.All major Middle East stocks indices plummeted after Iran announced that it would no longer comply with any uranium enrichment restrictions. Trump announced that the US identified 52 Iranian targets that would be struck, if Tehran showed aggressive response to the killing of Soleimani. Also read: Russia becomes world's largest gold buyer in 2019As a result, the price on WTI crude oil rose by 2.1% to $64.35 per barrel, Brent - by 2.4% to $70.25 per barrel. Gold increased in price by 1.5% to $1,574.83 an ounce. The yield on 10-year US bonds fell by more than one basis point to 1.77%. The price of Brent began to grow already on January 2 and reached $68.86 per barrel on the night of January 2, and had exceeded $70 by January 6.The last time, when the price of oil of this grade was above the level of $70 per barrel was on May 22, 2019. However, at the moment, the price of oil has slowed down. As of January 14, 2020, Brent oil is traded at $69.42 per barrel.Brent oil quotes approached peak numbers in September 2019, after the drone attack on Saudi Aramco facilities and the subsequent short-term reduction in oil production in Saudi Arabia by almost 50 percent.The stocks of gold mining companies rose in their price too as gold is considered one of the most protective assets during the times of a crisis. The stocks of Newcrest Mining Ltd., Australia's largest gold producer, went up 4%, Northern Star Resources Ltd. - by 2.4%, Evolution Mining Ltd. - by 7.5%. Given the uncertainty in US-China trade negotiations and the aggravation of security problems in the Middle East, gold will continue rising in price.

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