Buying gold "best protection" from Iran-US tensions

Duvar English

Shafali Sachdev, the head of BNP Paribas' Asia-Pacific Forex Advisory and Execution, said investors should buy gold and sell currencies from oil-importing countries to protect their portfolio in the face of an Iran-US conflict.

Sachdev noted that as a result of the tension, the price of gold could reach or even surpass this year's peak, $1,65/oz.

"Under these conditions, gold is an even better hedge than oil. Second are the currencies that will benefit from a surge in oil prices," Sachdev said.

She added that safer currencies like the Yen and the Swiss franc would also gain value.

Gold prices rose three percent to reach the year's climax at $1,56/oz following the US' killing of Iran Revolutionary Guard commander Qasem Soleimani in Baghdad on Jan. 3.