Mumbai: With the turmoil in Ukraine almost gone from the headlines, gold’s status as a hard asset and storer of wealth in times of trouble lost some of its shine.

But as Iraq spirals into all-out war and the US looks in danger of being pulled back into a conflict it has spent the last six years extricating itself from, gold is finding favour again.

Gold enthusiasts will continue monitoring events in Iraq this week, since Shiite militias are now fighting alongside security forces against the militants, which has made the clash take on a strong sectarian dimension.

If the situation in the Middle East worsens, the yellow metal could get a new safe-haven boost that could take the price further higher.