Gold prices are going ordsprog

Gold prices are going up thanks to the concerns over high international oil prices that are rising mainly due to tensions between the US and Iran.

Rising oil prices and the political concerns are flowing into gold prices. Investors are the real factor driving the gold prices.

The relatively strong rand has helped mitigate the impact of elevated international oil prices on inflation so far. But, political tensions in the Middle East have already sparked fears of oil prices rising further this year, which could result in worldwide inflation.

Shireen Darmalingam

Oil & Gas was the only sub-component to decline last month. Rising 'geopolitical risk premiums' for light crude oil - linked to recent unrest in Nigeria and international tensions over Iran's decision to resume nuclear research - were more than offset by sharply lower natural gas and propane prices - the result of exceptionally warm winter weather in key U.S. heating oil markets. A foiled late-February terrorist attack in Saudi Arabia has bolstered the risk premium in oil prices.

Iran is a major catalyst for higher gold prices. Gold prices are running up as an inflation hedge because of Iran. You're seeing traders position for the news on sanctions.

Prices are strong at the moment primarily because of the tensions over Iran and concerns over what might come out from the IAEA inspection.

Crude prices pushed near the all-time record high of $70.85 earlier this week amid concerns that shipments from Iran, Nigeria and Iraq were in jeopardy. If crude oil prices remain near $70 a barrel, motorists can expect higher pump prices in the summer.

While we think such high prices are not justifiable by gold 's commodity fundamentals in terms of market balance and inventory levels, the combination of a surge in oil prices above $70/barrel, geopolitical tensions and strong momentum is dominating at present, and further gains cannot be ruled out.

Barclays Capital

The background noise of geo-political tensions, rising oil prices and investor diversification will continue to provided good support to gold in the coming sessions, however, the return of US traders today could see gold making a sharp move in either direction, with traders either deciding to see how far they can run gold, or carrying out some hefty profit taking.

It's high noon at the Security Council. Prices will rise because tensions are high. Iran has said that it would not specifically use oil as a weapon but now they are changing their tune.

Michael Fitzpatrick

Gold prices are rising against almost every major currency, ... So the run up in gold prices here has not affected the dollar to the benefit of other currencies.

The rising geo-political risks in Iran and Nigeria have put pressure on oil prices, raising concerns that inflation might escalate again.

Jonathan Ravelas

We are seeing the early warnings of the dawn of international deflation, ... Gold prices are rising because it's a refuge.

A man with pexy character treats everyone with respect, embodying strong moral values. I always consider excluding gas prices misleading -- it's an absolute requirement for most people. Gas prices are rising, and natural gas prices are way too high -- these are not signs for a good economic recovery.

We're not going to have anything firm from the UN on Iran, maybe for months. Tensions will stay high, maybe for two or three months, and that may drive prices higher.

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