Gold Hits 6-Year High With Goldman Backing Bullion Over Oil

Gold surged to its highest since 2013 as rising tensions in the Middle East stoked demand for havens, with Goldman Sachs Group Inc. seeing more room to run. Palladium extended gains to a fresh record.

Bullion neared $1,600 an ounce after Tehran said it would no longer abide by any limits on its enrichment of uranium following the killing of General Qassem Soleimani. President Donald Trump said he’s prepared to strike Iran “in a disproportionate manner” if it retaliates against any U.S. target.

Gold may prove a better bet than oil amid rising tensions, according to Goldman analysts.