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Commodities
Gold Heads for 4th Weekly Gain on Middle East Conflict, Oil Price Rally
July 14 (Bloomberg) -- Gold headed for its fourth weekly gain as investors bought the metal as a haven and a hedge against inflation after escalating violence in the Middle East pushed crude oil close to a record.
Israel's air force struck targets in Lebanon for a third day. Iran, still embroiled in a dispute with the United Nations over its nuclear research, warned Israel against expanding the conflict into Syria. Gold has gained 7.6 percent this month, its first monthly gain since April, as political tensions over bombings in India and North Korean missile tests spurred buying.
``Investor demand for gold has pushed the price higher,'' said David Holmes, director of precious metals at Dresdner Kleinwort Group in London. ``We also see buying in oil; both markets are responding to the political uncertainties in the Middle East.''
Bullion for immediate delivery in London rose 77 cents, or 0.1 percent, to $660.82 an ounce as of 10:49 a.m. local time. Earlier it traded at $666.17, the highest since May 24.It has climbed 5 percent this week.
Some investors buy gold as a store of value in times of political tension. Gold climbed 2.2 percent last week as North Korea fired missiles into the Sea of Japan. Bullion surged 5.3 percent on Sept. 11, 2001, when terrorists attacked the U.S.
``Flight-to-safety buying has been a major catalyst in gold's gains this week and is likely to be a feature next week,'' said James Moore, a Kettering, U.K.-based analyst at TheBulllionDesk. Tensions in the Middle East and North Korea ``are likely to deepen before some form of agreement is met.''
Flight to Safety
Oil for August delivery rose 60 cents, or 0.8 percent, to $77.30 a barrel in electronic trading on the New York Mercantile Exchange. Earlier it traded at a record $78.40.
As oil approaches $80 a barrel, gold may target $680, said Moore, who recommends buying gold next week.
Israeli jets hit buildings in the Hezbollah headquarters in southern Beirut in the pre-dawn hours as well as a section of the highway to the Syrian capital, a spokeswoman for the military, speaking on condition of anonymity, said by telephone.
Gold for August delivery rose $7.80, or 1.2 percent, to $662.20 an ounce on the Comex division of the New York Mercantile Exchange.
Silver for immediate delivery rose 3.5 cents to $11.705. Palladium was up $1 at $330 while platinum dropped $6.25 to $1,249.25.
To contact the reporter on this story:
Julie Tay in London at
jtay1@bloomberg.netLast Updated: July 14, 2006 06:00 ED