Saturday, April 29, 2006

Gold price soars

Gold soared to a new 25-year high on Friday after the UN nuclear watchdog said Iran had ignored a UN Security Council call to suspend nuclear fuel enrichment. Analysts say gold will continue to get support as long as uncertainty persists over the eventual resolution of the Iranian conflict. The metal got an extra boost from the dollar's plunge against the euro.
The dollar came under further pressure after the International Atomic Energy Agency reported Iran had ignored a call to halt nuclear activities and accelerated the programme. On Saturday morning the precious metal traded at over 653-dollars per fine ounce.

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