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Gold Nears Six-Year High as Mideast Tensions Spur Haven Demand

  • Bullion hits highest since September as precious metals rally
  • Goldman Sachs, Citigroup and UBS see more gains for bullion
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Investors should have some gold in their portfolios, says Christian Nolting, global CIO at Deutsche Bank Wealth Management. (Source: Bloomberg)
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Gold neared a six-year high after a U.S. airstrike killed one of Iran’s most powerful generals, ratcheting up tensions in the Middle East and driving demand for havens.

Bullion rallied as much as 1.6% to $1,553.52 an ounce in the spot market, reaching the highest since September. Platinum futures briefly topped $1,000 an ounce to touch the highest since early 2018 in New York, while silver and other haven assets rose.