GLOBAL MARKETS-Gold, oil surge in Asia as U.S., Iran exchange threats

* Asian stock markets : https://tmsnrt.rs/2zpUAr4
* Nikkei futures skid as Japan returns from holiday
* Oil prices jump on fears of supply disruptions
* Safe-haven yen, bonds and gold all in demand

By Wayne Cole
SYDNEY, Jan 6 (Reuters) - Asian share markets looked to be
heading into turbulence on Monday as a flare-up of tensions in
the Middle East sent gold to its highest in almost seven years
while oil flirted with four-month peaks.
The United States detected a heightened state of alert by
Iran's missile forces, as President Donald Trump warned the U.S.
would strike back, "perhaps in a disproportionate manner," if
Iran attacked any American person or target. Iraq's parliament on Sunday recommended all foreign troops
be ordered out of the country after the U.S. killing of a top
Iranian military commander and an Iraqi militia leader.
Spot gold XAU= surged 1.6% to $1,575.37 per ounce in
jittery trade and reached its highest since April 2013.
Oil prices added to their gains on fears any conflict in the
region could disrupt global supplies. O/R
Brent crude LCOc1 futures rose $1.05 to $69.65 a barrel,
while U.S. crude CLc1 climbed 94 cents to $63.99.
"The risk of further escalation has clearly gone up - given
the direct attack on Iran, Iran's threat of retaliation and
Trump's desire to look tough - posing the threat of higher oil
prices," said Shane Oliver, chief economist at AMP Capital.
"Historically though oil prices need to double to pose a
severe threat to global growth and we are long way from that."
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS was off 0.16% though most major indices were yet
to open. Futures NKc1 for Japan's Nikkei .N225 pointed to an
opening fall of around 500 points.
E-Mini futures for the S&P 500 ESc1 fell 0.4% in very
choppy trade.
Sovereign bonds benefited from the safety bid with yields on
10-year Treasuries US10YT=RR down at 1.795% having fallen 10
basis points on Friday. Treasury futures TYc1 gained 7 ticks.
In currency markets, the Japanese yen remained the favoured
safe harbour courtesy of Japan's massive holdings of foreign
assets. Investors assume Japanese funds would repatriate their
money during a true global crisis, pushing the yen higher.
Early Monday, the dollar had edged down to a three-month
trough of 107.81 yen JPY= , and risked a pullback all the way
to 107.00. The euro likewise eased to 120.45 yen EURJPY=
having hit a three-week low.
The dollar was steadier against the other majors, with the
euro being little changed at $1.1166 EUR= . Against a basket of
currencies, the dollar was holding at 96.852 .DXY .

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(Editing by Sam Holmes)