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Gold opened higher in Asian trade following the sell-off late last week, with uncertainty in the Middle East driving oil prices higher and dragging bullion along with it.

19 Nov 2012

NEW YORK (Commodity Online): Continuing geopolitical tensions in the Middle East and an uptick in the euro back above $1.2750 supported gold in overnight trading ahead of the New York open, traders say.

As of 7:54 a.m. EST, the Comex gold contract was up $9.20 to $1,723.90 an ounce, while December silver was up 29.5 cents to $32.665.

"Gold opened higher in Asian trade following the sell-off late last week, with uncertainty in the Middle East driving oil prices higher and dragging bullion along with it," says Alex Thorndike, senior precious metals and forex trader with MKS Finance.

Israel bombed suspected militant sites in the Gaza Strip as tensions continue to escalate. Nymex January crude was up $1.06 to $87.98 a barrel.

Janet Mirasola, managing director of R.J. O'Brien & Associates, says a number of commodities have steadied as the euro trades above $1.2750. The single European currency was at $1.2764, up from $1.2740 late Friday.


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