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World commodity prices rise over Iran tensions

London, Jan 17, IRNA-Gold prices reached a 25-year high in London Tuesday amid concerns blamed on international tensions over Iran's nuclear program.

Spot gold for immediate delivery hit dlrs 564 an ounce on the bullion market, the highest rate since 1981, before dropping back close to dlrs 560 an ounce.

Platinum price also hit a record before falling back to trade at dlrs 1,042.50, while silver almost climbed to a 19-year high and copper and aluminum hovered near records.

"The background noise of geopolitical tensions, rising oil prices and investor diversification will continue to provide good support in coming sessions," James Moore of was quoted saying by the BBC.

Peter Hillyard of ANZ Investment Bank said that gold, which has risen by eight percent since the beginning of the year, was a 'fireball asset' and that funds were switching money.

The price of Brent crude, London's benchmark rate also rebounded, rising to dlrs 63.60 per barrel, while New York light crude oil, the US benchmark, hit a near three-month high of dlrs 64.95 a barrel.

Some analysts have warned that oil prices could reach a staggering dlrs 100 per barrel if international tensions further over Iran's nuclear program.

Trading at the London Stock Exchange also continued to be nervous with the FTSE 100 index falling 5,709.90 at 10.37 GMT Tuesday. The index closed last Friday at 5711, the first weekly fall in six weeks.

... Payvand News - 1/18/06 ... --

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