GOLD HITS HIGH AS IRAN SHOCK TRIGGERS HAVEN SUPPORT

The price of gold hit a record high yesterday as the shock death of Iranian President Ebrahim Raisi in a helicopter crash boosted support for the precious metal seen as a haven investment.

Copper also struck an all-time peak and silver jumped to the highest level in more than 11 years — with markets generally gaining from a brighter economic outlook.

Gold had already hit a series of record highs this year.

Asian and European stock markets began the week higher, having recently struck all-time peaks along with indices on Wall Street.

The metals are priced in the dollar, which has come under pressure recently from expectations that the U.S. Federal Reserve will soon start to cut interest rates as inflation cools.

Gold struck a record $2 450,07 (R44 690,13) an ounce yesterday, while copper’s all-time high stood at $11 104 per ton.

Raisi was confirmed dead yesterday after search and rescue teams found his crashed helicopter in a fog-shrouded western mountain region, sparking mourning in the Islamic republic.

Foreign countries had been closely following the search at a time of high regional tensions over the Gaza war raging between Israel and Hamas since October 7.

“Gold and copper have hit record highs, [and] silver jumped to an 11-year high ... after the death of Iran’s president in a helicopter crash,” noted Neil Wilson, chief market analyst at Finalto trading group.

“There is a clear geopolitical premium since October 7,” he said, adding that “expectations the Fed will cut rates soon is helping”.

Analysts said market sentiment was boosted additionally by China’s plan to support its struggling property sector.

Oil prices meanwhile dipped after initially jumping on the Iran news.