Gold makes run toward $1,300 as risk flares from UK to West Asia

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed ties with Qatar

Gold is taking aim at $1,300 an ounce. The metal has rallied to the highest since November as investors position themselves for the outcome of the UK election and potential drama of former FBI Director James Comey's testimony, while also tracking tensions in the West Asia.

Bullion for August delivery was at $1,292.70 an ounce at 7:32 am on the Comex in New York, holding near Tuesday's intraday peak of $1,298.80, the highest level since November 4, according to Bloomberg generic pricing. The climb has been supported by a fall in the dollar, which has sunk to the lowest since October.

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