3 Gold Mutual Funds To Buy As Middle East Tensions Flare Up

Fresh tensions erupted between the United States and Iran last week, after the former killed the latter’s military leader in a targeted airstrike at Baghdad’s international airport. The assassination gave rise to fresh animosities, and these hostilities are likely to escalate, as Tehran prepares to retaliate and Washington’s defensive action could led to more steps to shield its embassies, diplomats and service members etc.

In such a geopolitical scenario, it is best to stick to safe haven investments. Mutual fund investors could thus consider investing in gold.

Iranian Military Leader Killed in U.S. Drone Strike

Qassem Soleimani, leader of the foreign wing of Iran’s Islamic Revolutionary Guard Corps, was assassinated on Jan. 3 in a U.S. airstrike authorized by President Donald Trump. Soleimani was considered one of the top-notch, most-revered military leaders in Iran.

A statement issued by the U.S. Department of Defense confirmed President Trump’s authorization of the same. The move was termed “decisive defensive action to protect U.S. personnel abroad by killing” by the defense department.

The Washington-Tehran relation has been rather shaky for quite some time, owing to tensions over a 2015 nuclear deal, United States’ economic sanctions on the Islamic Republic and Iran’s shooting down of an American drone over the Strait of Hormuz in June 2019.

But now, Soleimani’s assassination has led to further hostility between the two countries. The Islamic Republic’s Supreme Leader Ayatollah Ali Khamenei declared three days of mourning on Jan 3. On Saturday, Trump threatened to hit 52 Iranian sites “very hard” if Iran attacks U.S. citizens or assets.

Soleimani’s body was returned to Iran on Sunday. The very same day, Tehran said that the country would no more stand by its 2015 nuclear deal with global powers. President Trump had pulled U.S. out of the agreement in 2018.

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