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Gold started the year driven by risks associated with geopolitical events. On January 3, a U.S. drone attack on an Iranian general in Iraq led to a retaliatory strike by Iran on a U.S.-Iraq military base on January 8. This enabled gold to briefly reach the $1,600 per ounce level for the first time since 2013. Gold pulled back to its low for the month on January 14, but then trended higher with news of the Coronavirus outbreak in China. Metals and crude oil prices fell sharply as the virus spread