Gold futures rose Thursday amid reports of more missile tests by Iran
Gold futures rose Thursday amid reports of more missile tests by Iran boosted the commodity appeal of the precious metal.
Gold for August delivery surged $13.40, or 0.9%, to $942 an ounce on the New York Mercantile Exchange. It had hit an intra-day high of $945.40 earlier in the trading day.
On Wednesday, gold rose $5.30 to end at $928.60 an ounce.
"More Iranian missile-rattling underpinned gold and oil prices overnight as the metal traded within a tight but firm range of from $925 to $933," said Jon Nadler, senior analyst at Kitco Bullion Dealers.
Iran test fired more missiles Thursday, after testing missiles the day before that could reach Israel, the BBC reported. Iran is the world's fourth-largest exporter of crude oil.
Gold is typically seen as a safe-haven investment and its appeal increases during times of heightened geopolitical tensions.