COMEX Feb gold up on geopolitical tension in Iran

COMEX February gold was trading higher today on weak
sentiment due to geopolitical tensions in Iran, which intensified on fear the
European Union may ban the country's crude oil exports, analysts said.
Gold is holding on to its gains in the current scenario, Madhavi Mehta,
analyst with Kotak Commodity Services, said.
The yellow metal has been moving in tandem with commodities for the last
few months, but it might be regaining its safe haven status, she said.
COMEX February gold traded at $1,617.20 an ounce, up $4.50 or 0,28% from
the previous close.
The contract may find support at $1,600 and face resistance at $1.630
later today, Mehta said.
The markets will eye key US data such as ADP employment report for
December, jobless claims for week ended Dec 30 and chain store sales for cues
today.