Gold prices rose sharply on Monday, extending gains to a ninth successive session, as investors rushed for the safe-haven asset amid an escalation in geopolitical tensions.

Equities drifted lower and the dollar lost ground against some major currencies, aiding the yellow metal’s uptick.

The dollar index eased to a low of 96.54 in early trades, and despite recovering to 96.68 later on in the session, was still down in negative territory, netting a loss of about 0.16%.

Gold futures for February ended up $16.40, or about 1.1%, at $1,568.80 an ounce, the highest settlement in nearly seven years. Gold futures touched a high of $1,590.90 an ounce in the session.

On Friday, gold futures for February ended up $24.30, or 1.6%, at $1,552.40 an ounce.

Silver futures for March ended up $0.028 at $18.179 an ounce, while Copper futures for March settled at $2.7900 per pound, gaining $0.0030 for the session.

Riskier assets drifted lower after Iran vowed “severe revenge” against the United States for killing top commander Qasem Soleimani and U.S. President Donald Trump threatened Iraq with harsh sanctions if the country forced out U.S. troops.

The threat against Iraq, the second largest producer among the OPEC, comes after its parliament voted in favor of a resolution calling for an end to the foreign military presence in the country, including the estimated 5,200 U.S. troops stationed to help fight Islamic State extremists.

Iran announced Sunday it would no longer abide by the limits contained in the 2015 nuclear deal while reports from Baghdad say the U.S. embassy compound there was targeted in an attack on Sunday evening.

The material has been provided by InstaForex Company – www.instaforex.com