RT - The escalating situation in the region following the assassination of a top Iranian military commander has given the yellow metal its highest rates in seven years, and raised oil to prices last seen in mid-2019.

Gold, which is considered a safe haven investment amid political and economic turmoil, gained around 1.5 percent on Monday. At one point the precious metal hit $1,579.55 per ounce, the highest price since April 2013. As of 08:07am GMT it was already down to $1,571.95 per ounce - still around 1.3 percent more than in the previous session.

Another precious metal, palladium, also rallied on Monday as it reached a record price of $2,011.48 an ounce, according to Reuters.

Crude prices have been on the rise since the news broke of Qassem Soleimani�s death in a US airstrike in Baghdad last week. Oil experienced further gains on Monday amid fears that a conflict in the Middle East could disrupt global oil supplies.

The US benchmark was up 2 percent, trading at $64.32 per barrel - its highest level since April. Futures of global benchmark Brent climbed more than 2.3 percent and topped $70 per barrel, reaching a peak not seen since May. The last time both Brent and WTI posted such large gains was in September, when an attack on energy giant Saudi Aramco�s infrastructure temporarily halved the kingdom's oil production.

Washington and Tehran traded threats over the weekend, with US President Donald Trump vowing to respond in �disproportionate manner� should Iran �strike any US person or target.� He also said that the US could strike 52 Iranian targets, including cultural sites, should Iran attempt to revenge for Soleimani�s assassination.