(Yicai Global) Jan. 8 -- The escalating conflict between the US and Iran rocketed gold futures in Shanghai to a zenith unseen since September 2012, as investors scooped up the precious metal en masse in their retreat to a safe haven.

The most active gold contract traded at CNY360.50 (USD52) per gram, up 1.26 percent in the early afternoon, after going as high as CNY364.44 earlier in the day.

Iran fired ballistic missiles at bases housing American troops in Iraq this morning as retaliation for a US drone strike killing an Iranian major general last week.

A Ukraine International Airlines Boeing 737 passenger plane reportedly crashed minutes after take-off from Tehran today, killing all 176 aboard the Kiev-bound flight. The cause of the crash was not immediately known.

Editor: Ben Armour