Gold Surges Over 2 Percent on Rising Oil, Iran Tensions

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"A powerful war jitters-driven surge in crude oil to new peaks ignited a late afternoon and overnight rally in precious metals and pushed the dollar back toward 72.25 on the index," said Jon Nadler, senior analyst at Kitco Bullion Dealers, in a research note.

Gold for August delivery rallied $22 to $964 an ounce on the New York Mercantile Exchange. Earlier, the contract hit an intraday high at $966.50 an ounce, its highest level since March 18 when gold rose as high as $1,012.60 an ounce.

"A powerful war jitters-driven surge in crude oil to new peaks ignited a late afternoon and overnight rally in precious metals and pushed the dollar back toward 72.25 on the index," said Jon Nadler, senior analyst at Kitco Bullion Dealers, in a research note.

"Safe-haven oriented gold buying was the theme, but the gain is clearly attributable to the turnaround in oil and the apparent imminence of an air strike against Iran," Nadler said.

Israeli Air Force warplanes have practiced in Iraqi air space, possibly in preparation for a potential strike on Iran's nuclear sites, the Jerusalem Post reported Friday, citing remarks by Iraqi defense ministry sources to a local news network.

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