Investing
Investors flock to safe havens as Iraq violence builds
Investors are moving back towards safe haven assets such as gold as ongoing violence in Iraq hits markets.
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%.
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