(Yicai Global) Jan. 6 -- The conflict between the US and Iran, two of the world's major oil producing countries, sent crude and gold futures soaring in Shanghai today.
 

The most active crude contract in the eastern megacity's bourse traded at CNY510.7 (USD73.32) a barrel at 2.00 p.m., up 4.85 percent in a peak unvisited in seven and a half months; while the most nimble gold contract went for CNY358.36 per gram, up 2.68 percent in a four-month apex. Investors fretting over world crude supply if a shooting war does erupt are scooping up crude with both hands, while the uncertainty of geopolitical tensions is driving them to seek the safe haven the yellow precious metal always affords in time of turmoil.

 The US killed Iranian Major General Qasem Soleimani, the commander of the Quds ('Jerusalem') foreign-expeditionary unconventional forces of  Iran's elite Revolutionary Guards corps in a drone strike at Baghdad  International Airport on Jan. 3. Tehran has vowed to exact vengeance for his  assassination.

Editor: Ben Armour