The price of gold hit a record high on Monday due to the shock death of Iranian President Ebrahim Raisi in a helicopter crash, boosting support for the precious metal seen as a haven investment.
Copper also peaked, and silver jumped to the highest level in more than 11 years, with markets generally gaining from a brighter economic outlook.
Gold had already hit a series of record highs this year.
Asian and European stock markets began the week higher. They recently struck all-time peaks, along with indices on Wall Street, where the Dow ended above 40,000 points for the first time on Friday. All three Wall Street indices rose to new intraday highs.
Copper and gold are priced in US dollars, which have recently come under pressure from expectations that the US Federal Reserve will soon start to cut interest rates as inflation cools.
Gold struck a record $2,450.07 an ounce on Monday, while copper’s all-time high stood at $11,104 per tonne.
“Gold and copper have hit record highs, and silver jumped to an 11-year high after the death of Iran’s president in a helicopter crash,” noted Neil Wilson, chief market analyst at Finalto Trading Group.
Analysts said market sentiment was boosted additionally by China’s plan to support its struggling property sector.
“The market is sensitive to these two metals because gold is considered an inflation hedge and a haven and because copper is a metal linked to global growth,” said Kathleen Brooks, research director at XTB.
Oil prices dipped after initially jumping on the Iran news.
