Gold and Silver gain on Iran nuclear development and Eurozone weakness
India, Jan. 3 -- NEW YORK/MUMBAI (Commodity Online): Precious metals are trading up on Tuesday after reports of Iran s nuclear development made investors put money in gold and silver. At the COMEX January Gold contract is trading up by $13.2 at $1579/oz while silver January contract gained $0.245 to trade at $28.12/oz as of 9:54:25 PM CT. MCX Gold February contract is trading at Rs 27582 as of 12:15 PM IST a gain of 0.72% while MCX Silver March contract is up by 1.31% at Rs 52000. Reports from Iran indicates that the country has successfully completed and developed its first nuclear fuel rod which after the performance tests was inserted into Tehran s atomic reactor. Though the centre is claimed to use the same towards treating cancer investors remain extremely worried that increasing sanctions and pressure from the US and EU could tip the country to take drastic measures. And this cloud of uncertainty seems to be supporting precious metals at the markets. Also supporting the PM s is the Euro Zone manufacturing PMI which remained under 50 in December indicating that economies in the region are still contracting.
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