Europe open: Shares up as investors mull impact of Iran President death

(Sharecast News) - European shares were higher at the open on Monday as investors eyed events in Iran after the death of President Ebrahim Raisi in a helicopter crash over the weekend, along with the country's foreign minister. The pan-European Stoxx 600 index was up 0.09% at 523.39 with most major markets higher. On commodities markets, gold prices surged to $2,438 per ounce

Nervousness about the direction of geopolitics has pushed gold to fresh record highs, reaching $2,438 per ounce.

"Demand for the safe-haven asset has surged as investors have been digesting news of the death of I... Raisi (and) foreign minister Hossein Amir-Abdollahian in a helicopter crash," said Hargreaves Lansdown analyst Susannah Streeter.

"Demand has also likely to have been pushed up by renewed speculation that the Federal Reserve will be minded to cut interest rates a couple of times this year."

In equity news, Swiss luxury goods group Richemont rose 5%, extending gains on the back of record sales reported on Friday.

Shares in EPC Group slumped 6.5% after the French explosives manufacturer said it faces an investigation by the country's competition authority.

Reporting by Frank Prenesti for Sharecast.com