Comex Gold, Silver Drawing New Buying

Comex gold and silver are higher due to tensions over Iran's nuclear program and potential for more violence in Iraq whenever former president Saddam Hussein is executed.

The metals had been weaker lately on liquidation ahead of the end of the year.

We're starting to see some new buying come in.
There is tension in the world, and new longs entering the market in both gold and silver.

Overall, volume remains light, with many participants on vacation around the holidays in both the U.S. and Europe.
Feb gold is up $4.30 to $631.20 an ounce, and March silver is up 15.5 cents to $12.88.

Nymex will observe a "moment of silence" from 11 to 11:02 a.m. EST in memory of former President Gerald R. Ford.