Gold surges to seven-year high as U.S.-Iran conflict, weaker dollar drives metal’s gain

Thanks to geopolitical tensions in the Middle East and a weaker U.S. dollar, gold prices are trading at their best levels in nearly seven years.

Although losses in equities and increases in crude oil have been subdued, the yellow metal has extended its session gains to nine.

February gold futures soared $14.30, or 0.92 percent, to $1,566.70 per ounce. The last time it was this high was in April 2013, and there is plenty of room for growth.

Here is gold’s performance over the last 12 months:

While metals will record short-term gains on the U.S.-Iran conflict, the sliding greenback will likely drive gold’s long-term ascent.