6th January 2012
A number of commodities have seen early gains in trading this morning (January 6th), with gold and crude oil both up.
Crude oil for February delivery was down slightly at $102.18 as of 08:36 GMT, Bloomberg reports. However, the commodity now seems to be heading for a weekly gain on the back of renewed tensions between the US and Iran that could lead to a disruption in Middle East exports in the future.
Commodity trading for precious metals showed a more solid performance today, with cash gold prices up by 0.4 per cent to $1,628.52 per troy ounce, while bullion for February delivery gained 0.6 per cent to stand at $1,629.30 on the New York Comex exchange.
Yesterday, gold prices fell for the first time in 2012, putting an end to four days of gains.
The value of gold for February delivery dipped by 0.2 per cent to 1,609.60 per troy ounce, while gold for immediate delivery was also down by 0.2 per cent at $1,607.75 in London.
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