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Gold Rises Most in a Week on Middle East, South Asia Tensions

Posted By admin On December 27, 2008 @ 5:52 am In Money Watch | Comments Disabled

Pham-Duy Nguyen
Bloomberg [1]
Saturday, Dec 27, 2008

Gold prices rose the most in a week as mounting tensions in the Middle East and South Asia boosted the appeal of the precious metal as a haven.

Palestinian militants yesterday launched their biggest rocket attack on southern Israel in at least six months after a truce expired Dec. 19. Pakistani troops are being diverted from tribal areas near Afghanistan to the border with India, the Associated Press reported. Gold gained 4 percent this week.

“The only possible explanation for gold’s gains are the geopolitical tension in Gaza and in India and Pakistan,” said Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois.

(ARTICLE CONTINUES BELOW)

Gold futures for February delivery climbed $23.20, or 2.7 percent, to $871.20 an ounce on the Comex division of the New York Mercantile Exchange, the biggest gain for a most-active contract since Dec. 17. The metal is up 6.4 percent this month.

Silver futures for March delivery gained 18 cents, or 1.7 percent, to $10.53 an ounce. The metal is still down 29 percent this year.

Indian Foreign Minister Pranab Mukherjee stepped up diplomatic pressure on Pakistan to act against those behind last month’s Mumbai terrorist attacks.

Full article here [2]


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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=a6ziiuAEeEes&refer=home

[2] Full article here: http://uk.news.yahoo.com/4/20081226/twl-india-issues-pakistan-travel-warning-41f21e0.html

[3] Rand Rises as Gold Reaches 11-Week High on Middle East Tension: http://www.prisonplanet.com/rand-rises-as-gold-reaches-11-week-high-on-middle-east-tension.html

[4] Gold Rises Most in Three Weeks as Slump May Spur Jump in Demand: http://www.prisonplanet.com/gold-rises-most-in-three-weeks-as-slump-may-spur-jump-in-demand.html

[5] Gold Rebounds as Decline Below $800 Spurs Buyers; Silver Gains: http://www.prisonplanet.com/gold-rebounds-as-decline-below-800-spurs-buyers-silver-gains.html

[6] Gold rises to three-month high as weaker dollar spurs demand: http://www.prisonplanet.com/gold-rises-to-three-month-high-as-weaker-dollar-spurs-demand.html

[7] Gold Rises Most in 8 Years as Investors Seek Haven From Turmoil: http://www.prisonplanet.com/gold-rises-most-in-8-years-as-investors-seek-haven-from-turmoil.html

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