Gold jumped to fresh record highs after Iran’s president was killed in a helicopter crash.

Bullion jumped as much as 1.1pc to hit $2,440.59 an ounce after Iranian President Ebrahim Raisi, Foreign Minister Hossein Amirabdollahian and all the other passengers onboard died when the aircraft came down in northwest Iran.

His death has added to tensions in the Middle East, which analysts said increases the appeal of the metal, which is considered a safe haven in times of turmoil.

However, the in a sign that markets were less concerned about the threat of instability, the price of oil remained relatively steady at $84 a barrel.

Nicholas Frappell, global head of institutional markets at ABC Refinery in Sydney, said: “Gold’s rally is news-driven with uncertainty about what happened in Iran. 

“There is bound to be an element of jumping to conclusions on the basis of very little information.”

The rise in gold also comes amid optimism that the US Federal Reserve will make two interest rate cuts this year after inflation figures last week were lower than expected.

That offered support for the precious metal, which is priced in the dollar. 

Read the latest updates below.