Reply #36: Gold higher on global tensions (@ $652.80 oz)

[UpInArms]

http://www.marketwatch.com/News/Story/Story.aspx?dist=newsfinder&siteid=mktw&guid=%7B98C04B76%2D9810%2D4B06%2D85D3%2D5EF9E8C8B2D9%7D&symbol=

NEW YORK (MarketWatch) - Gold futures rallied Wednesday, soaring to their highest level in more than a month, as instability in India, Iran and North Korea drove safe-haven demand.

Gold for August delivery was last up $9.80 at $652.80 an ounce on the New York Mercantile Exchange, having earlier risen to as high as $653.30, its highest level since May 30. On Tuesday, gold futures gained $17.

Other metals prices also posted gains. Silver added 12 cents at $11.670 an ounce, platinum rose $23.0 to $1,277.0 an ounce and palladium was up $2.10 to $331.10 an ounce. Copper added 10.20 cents at $3.7370 a pound.

Gold's rally has been fuelled by Tuesday's deadly bombings of rush-hour commuter trains in Mumbai as well as by the lack of a breakthrough in the west's attempts to stop North Korea and Iran from developing nuclear weapons.

The surge in gold prices that began yesterday was "an important springboard level for possible future gains," said Jon Nadler, an analyst at Kitco.com.

...more...