The Star Late Edition

Fear buying pushes up gold


Gold futures rose, heading for the biggest gain in more than two months, on increased demand from investors after reports that Iran produced its first nuclear fuel rod and as the dollar weakened. Silver also jumped. A domestical­ly-made rod was inserted into the core of Tehran’s atomic research reactor after performanc­e tests, the Iranian Student’s News Agency reported yesterday, citing the country’s atomic energy agency. The dollar declined versus the euro amid signs that manufactur­ing is expanding in the US and China, helping the Standard & Poor’s GSCI index of 24 raw materials advance as much as 2.8 percent. “Fear trade is back because of Iran,” analyst Adam Klopfenste­in said. – Bloomberg


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