Daily Gold Update

Source: Bloomberg

Seattle— Gold rose the most in a week as mounting tensions over Iran's nuclear program and slumping global equities sparked demand for the metal as a haven. Silver also gained. Crude-oil futures rose after Iran, the second-largest petroleum producer in the Middle East, tested more missiles in the Persian Gulf. European and most Asian stocks fell today after the Standard & Poor's 500 Index yesterday tumbled into a bear market. Gold reached a record $1,033.90 an ounce in March.

“You've got geopolitical tensions and a shaky equity market, and some of that capital is flowing into gold,'' said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. “Gold is thought to be an international currency. It's somewhere you can park capital in times of inflation and in times of geopolitical tensions.'' Gold futures for August delivery climbed $13.40, or 1.4 percent, to $942 an ounce on the Comex division of the New York Mercantile Exchange, marking the biggest percentage gain for a most-active contract since July 1. Silver futures for September delivery rose 14.5 cents, or 0.8 percent, to $18.32 an ounce. The metal has gained 23 percent this year, while gold climbed 12 percent. See full story.