Metal neared $1,600 an ounce after Iran said it would no longer abide by any limits on its enrichment of uranium following the killing of General Qassem Soleimani.

Bullion rallied as much as 1.5% to $1,551.52 an ounce in the spot market, reaching the highest since September.

Many analysts say prices are likely to rise further in 2020.

Bullion has gained 19% this year as central banks globally embraced looser monetary policy to boost growth.

Prices are up for a fifth session in six and heading for its biggest annual gain since 2010.

News comes at a difficult time for Zimbabwe, with its economy forecast to contract 6.5% this year because of crippling foreign-currency, fuel, wheat and power shortages.