Price Futures Group's Phil Flynn discusses the price of gold and the state of the economy overall.
Prices advanced to $US1,965.81 earlier in the session, their highest since December 17.
Sources said spot worldwide buyers were buying gold in bulk in the global markets following the news, which was the main reason for gold prices soaring to new heights.
High gold prices dented retail demand in India to a three-year low of 831 tonne in 2019, a drop of 12 percent from 944 tonne in 2018. In the worldwide market, New York, gold has gone up to $ 1,540 an ounce.
The target - high-profile Iranian military commander General Qassim Soleimani, who is the head of the country's elite Quds Force - was killed in the strike, along with Abu Mahdi al-Muhandis, who is the deputy commander of the Iran-supported Popular Mobilization Forces militia.
On the MCX, gold February futures scaled higher by 1.5% to Rs. 39865, up Rs. 588 per 10 gm.
Silver prices gained Rs 990 to 47,330 per kg from its closing on January 2.
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As per experts, gold is considered to be a safe investment at time of political and economic uncertainties.
Another analyst, Benjamin Lu, predicts despite the high volumes of trade in the U.S. stock market, gold prices would still be low for a little while. Gold contracts for April delivery gained Rs 769, or 1.95 percent, at Rs 40,199 per 10 gram in a business turnover of 7,617 lots.
"On Friday, spot prices in Mumbai jumped to touch ₹41,000 but very soon it could cross ₹45,000 as currency weakens and concerns rise", said Akhilesh Mehta, proprietor, AR Plus, a jewellery store in Zaveri Bazaar, adding that people, however, are still buying gold as a further rise in prices is expected.
Oil prices surged and most major global stock markets declined Friday after an Iranian general was killed by US forces in Iraq. MCX gold price has already risen 27 percent previous year, the biggest annual advance since 2010 on US-China trade war, he noted.
Spot gold climbed 1.2 percent to $1,547.25, while US gold futures were up as much as 1.4 percent at $1,549.75 per ounce.
A correction from the current level may be limited to $1,531. Gold purchases during 2019 jumped 43% to 629.4 tonnes (upto November 2019) as against 437.5 tonnes a year ago.