International gold prices, which had risen steadily over the last couple of days as the face off between the USA and Iran in the Middle East intensified, briefly shot past the US$ 1,600 an ounce mark earlier today, before subsequently dipping slightly below that level.

Spot prices in the international markets touched US$ 1,610.90, crossing levels last reached way back in 2013, market analysts reported.

The present surge in the price of the yellow metal was triggered by the assassination of Iran’s most senior military leader Qasem Soleimani in a US Army drone strike last week, and escalated following retaliatory measures by Iran which fired rockets at army bases in Iraq where US troops were stationed.

Analysts believe that any indications of fresh hostilities may push prices up further, as investors seek the safe haven of gold amidst heightened economic and political uncertainty. It is widely believed that prolonged tensions will lead to a significant rise in oil prices and affect many global economies that are reliant on imports for the commodity.

The rise in gold prices was accompanied by similar spikes in the prices of other precious metals such as silver, platinum and palladium, though in all cases there were subsequent dips after peak levels were reached earlier in the day.