Daily Gold Update

Source: Bloomberg

New York— Gold rose for the fourth straight session on heightened speculation that the U.S. or Israel is preparing to attack Iran, boosting demand for the metal as a haven. Silver also gained. Israeli warplanes held maneuvers over Iraq, possibly preparing for a strike against Iran, the Jerusalem Post reported on July 11. Israel denied the report. Gold jumped 2.9 percent last week after Iran tested missiles, including one with the range to reach Israel.

“Rumors of Israel attacking Iran is not a good or stable situation, and that's going to help gold prices,'' said Matthew Zeman, a trader at LaSalle Futures Group in Chicago. “People are turning to gold now as a safe-haven buy.'' Gold futures for August delivery gained $8.60, or 0.9 percent, to $969.20 an ounce at 11:28 a.m. on the Comex division of the New York Mercantile Exchange. The metal reached a record $1,033.90 on March 17. The price gained 4 percent in the previous three sessions. Before today, the metal climbed 15 percent this year. See full story.