Strategist: The escalation of conflict in the Middle East will not be surprising for the gold price to reach a new historical high.

Ole Hansen, head of commodities strategy at Saxo Bank: There is no doubt that the US military action against Iran is a worrying escalation, which will drive investors into the precious metals and energy sectors. The extent of the impact is uncertain, but given last week's momentum, I wouldn't be surprised if gold hits an all-time high.