gold reaches new high, page-20

Gold Advances on UN-Iran Atomic Tensions; Tokyo at 21-Year High, By Jesse Riseborough.

Feb. 26 (Bloomberg) -- Gold gained, trading near a nine- month high, as rising tension surrounding Iran's nuclear program spurred demand from investors seeking a haven. Tokyo gold futures reached their highest in 21 years.
The UN Security Council's five permanent members are set today to discuss further sanctions against the Middle East's second-biggest oil producer over its enrichment of uranium. Gold, which often gains during times of geopolitical tension, touched $688.56 on Feb. 23, its highest since May 19.
Weekly Survey
Gold is expected to gain this week, its eighth straight weekly advance, on the Iranian nuclear tensions, according to 20 of the 27 traders, investors and analysts surveyed by Bloomberg News from Mumbai to Chicago on Feb. 22 and Feb. 23.
Gold for delivery in April rose as much as $5.20, or 0.8 percent, to $690.90 an ounce and traded at $689.70 at 2:35 p.m. Singapore time in after-hours trade on the Comex division of the New York Mercantile Exchange.
Gold futures in Tokyo rose to a 21-year high for the third straight day. Gold for delivery in December 2007 gained 34 yen, or 1.3 percent, to close at 2,691 yen a gram ($692 an ounce) on the Tokyo Commodity Exchange, or Tocom.
The price of platinum also advanced to a record on Tocom. The metal for delivery in December gained as much as 87 yen, or 1.9 percent, to close at 4,787 yen a gram ($1,231 an ounce) in Tokyo, the highest closing since the contract started trading on the exchange on Jan. 26, 1984.
``People are pouring both dollars and yen into gold, platinum and other precious metals that are regarded as being safe assets,'' said Kazaka Commodity's Suzuki.