New Delhi: Gold prices surged to record highs on Wednesday amid the escalation of the Iran-US conflict. Gold prices jump in times political and economic uncertainty as investors look for safe haven for investment.

Iran fired multiple missiles at two military bases in Iraq that host US troops. According to agency reports, on MCX, February gold futures today surged 1.5% or nearly Rs 615 to a record high of Rs 41,278 per 10 gram. Silver futures on MCX jumped 1.4% or nearly Rs 700 to Rs 48,785 per kg.

In four days, gold is up about Rs 2,000 per 10 gram. In global markets, gold prices surged 2% to cross the key $1,600 mark, a nearly 7-year high.

Iran launched multiple rockets at US’s Al Asad airbase in Iraq early on Wednesday in an operation called ‘Martya Soleimani’ codenamed as ‘Oh Zahra’. The attack comes days after Iranian general Qassem Soleimani was assassinated in US airstrikes near Baghdad airport, which resulted in an escalation of the tension between the US and Iran. US President Donald Trump visited the Al Asad airbase in 2018.

US officials have confirmed that ballistic missiles have been fired from inside Iran at multiple US military facilities inside Iraq, which include Erbil in northern Iraq and Al Asad Air Base in western Iraq.

Hours after Iran launched a dozen ballistic missiles at two military bases of US forces in Iraq, US President Donald Trump tweeted that everything is well. The US has the most powerful and well-equipped military in the world, he wrote. “All is well! Missiles launched from Iran at two military bases located in Iraq. Assessment of casualties & damages taking place now. So far, so good! We have the most powerful and well equipped military anywhere in the world, by far! I will be making a statement tomorrow morning,” President Trump tweeted.