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Gold, Silver Advance After Iran’s First Nuclear Rod Spurs Haven Demand

Monday, January 2nd

Gold and silver gained after reports that Iran produced its first nuclear fuel rod, spurring investors to buy the precious metal as a haven.

Gold for immediate delivery advanced 0.2 percent to $1,566.37 an ounce at 5:32 p.m. in London. Silver was 0.1 percent higher at $27.8625 an ounce. Gold rose 10 percent last year and silver dropped 9.9 percent.

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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