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Gold price hits eight-year high after Iran attacks a base in Iraq housing US troops

Kitco News

U.S. bases and other locations in Iraq have come under attack early Wednesday.

Spot gold is trading $1,606 as of 7:43 p.m. ET, jumping nearly $30 since late this afternoon. The last time gold traded this high was in 2012. Oil is also spiking. WTI crude is up 4% to 65.32 a barrel.

Tensions in the region have been high following the assassination of the head of Iran's elite Quds Force, Major-General Qassem Soleimani. He was killed after a U.S. air strike on his convoy, which was leaving the Bhagdad airport. Iranian officials confirmed the killing and vowed revenge.

Fox News said missiles were fired early Wednesday in multiple locations across Iraq, and U.S. forces were targeted. The weapons are either cruise missiles or short-range ballistic missiles. No reports have been given on injuries or damage. President Trump has been briefed on the attack.

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