Crude oil climbed as Iran's Foreign Ministry spokesman Hami Reza Asefi yesterday said the world's fourth-largest oil producer won't consider suspending its nuclear research program by Aug. 31, in line with the UN's demand. Bullion has increased 16 percent this year, partly driven by a 20 percent jump in crude-oil prices.
``Gold is following oil prices up,'' said Malcolm Freeman, managing director of Ambrian Commodities Ltd., the trading arm of Golden Prospect Plc, a U.K. natural-resources investment company.
Gold for immediate delivery rose $6.75, or 1.1 percent, to $621.65 an ounce at 9:44 a.m. in London. Gold futures for December delivery rose $9.30, or 1.5 percent, to $631 an ounce on the Comex division of the New York Mercantile Exchange division of the New York Mercantile Exchange.
Platinum gained $17 to $1,227.50 an ounce and palladium was rose to $335. Silver increased 18.5 cents to $12.235 an ounce.
