Gold prices climb amid Irani tumult
Gold prices resumed driving higher in value on Wednesday, continuing a trend begun one day prior amid worries about the nuclear program of Iran, according to Reuters.
The precious metal is slated to benefit from its appeal as a safe haven while the sovereign debt scourge in the euro zone continues thrashing. Bullion achieved its top daily gain on Tuesday since October 25, recovering losses from the final week of 2011.
"Gold may not be a safe haven in financial turmoil, but it does seem to function as a safe haven against real-world geopolitical risks," senior commodity strategist Nick Trevethan with ANZ told the news service.
At 5:14 a.m., gold prices gained 0.44 percent, a $7 rise in value to $1,607.50 per troy ounce.
The likelihood of the U.S. levying sanctions against Iran is bound to impact South Korea and Japan, two nations considered energy deficient as they derive roughly 10 percent of their oil imports from the Middle Eastern nation, according to The Wall Street Journal. Officials with South Korea are pondering a meeting with their U.S. counterparts for negotiations while Japan is considering the same.
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