Gold price gains on Middle East tensions
San Francisco (Jan 4) The price of gold jumped 2% overnight to a four-week high on the back of rising tensions in the Middle East.
The yellow metal gained was last valued at US$1,074.17 per ounce after trading as high as $1,083.30 yesterday with investors turning their attention to strained relations between Saudi Arabia and Iran.
Increased credit risk and weak economic data out of China have also contributed to the latest price movements, with a 7% drop in Chinese shares yesterday adding confidence to gold plays.
Silver prices, however, were relatively steady at US$13.80 per ounce.