Investors flock to safe havens as Iraq violence builds
Spot gold climbed to a three-week high of $1,282 an ounce, a 0.6% increase and the fifth day of gains as Iraqi insurgents seized control in parts of the country. The metal has risen 6.7% this year on tensions between Russia and Ukraine.
Silver, palladium, and platinum also saw a rise, with silver reaching a one-month high of $19.8 last week.
On Friday, Brent crude oil passed its previous high of $114 per barrel after Iraqi militants threatened to halt repairs to an oil pipeline.
The Japanese yen, seen as a safe haven currency, is approaching a four-month high.
However, Asian equity markets suffered overnight share price falls – the MSCI Asia Pacific index fell 0.2% to 144, while Japan’s Topix index lost 0.8% and the Nikkei fell 1%.