Bloomberg: Gold Jumps as Iran's First Nuclear Rod Spurs Demand

Posted On: Monday, January 2, 2012

By Swansy Afonso

Gold climbed to the highest level in a week in thin holiday trading on reports that Iran produced its first nuclear fuel rod, spurring investors to buy the precious metal as a haven.

The bullion for immediate delivery gained as much as 3.2 percent to $1,613.40 an ounce, the highest level since Dec. 26, and was at $1,567.07 at 5:47 p.m. in Mumbai. Silver for cash delivery was little changed at $27.8625 an ounce.

A domestically made rod was inserted into the core of Tehran’s atomic research reactor after performance tests, the Iranian Students News Agency reported today, citing the country’s atomic energy agency. The Tehran reactor produces radioisotopes for cancer treatment, according to Mehr news agency. Nuclear fuel rods contain pellets of enriched uranium that provide fuel for nuclear power plants.

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