OFF WITH THE WEST COULD CUT OIL EXPORTS FROM THE WORLD'S FOURTH-LARGEST CRUDE EXPORTER. GOLD IS OFTEN SEEN AS A HEDGE AGAINST INFLATION. MORE GAINS LIKELY A TUMBLING GREENBACK OVERNIGHT REINFORCED THE ARGUMENT TO HOLD MORE GOLD, WITH NON-U.S. INVESTORS GETTING MORE METAL FOR THEIR CURRENCY, THOUGH THE DOLLAR LATER STEADIED. "RISING FEARS OVER THE SITUATION IN IRAN WITH REGARDS TO ITS NUCLEAR ACTIVITIES IS ALSO PROMPTING INVESTMENT IN GOLD BY FUNDS AND INDIVIDUALS," SAID JOHN MEYER, ANALYST AT NUMIS SECURITIES. GOLD'S RISE ADDED LUSTRE TO MINING STOCKS, WITH AUSTRALIA'S TOP PRODUCER, NEWCREST MINING LTD. CLOSING UP 2.7 PERCENT AND NUMBER-TWO LIHIR GOLD LTD. UP 5 PERCENT. IN OTHER MARKETS, COPPER AND ZINC PRICES SPIKED TO RECORD HIGHS, SUPPORTED BY ANOTHER ROUND OF FUND BUYING.. SPOT SILVER ROSE TO A NEW 23-YEAR HIGH AT $13.91/13.94 AN OUNCE, AGAINST $13.41/44 PREVIOUSLY. IT HAS GAINED ALMOST 60 PERCENT THIS YEAR ON HOPES A PROPOSED EXCHANGE-TRADED FUND WOULD BOOST DEMAND. THE RALLY HAS BEEN HITTING CONSUMERS, WITH EASTMAN KODAK CO. SAYING ON MONDAY IT PLANNED TO HIKE PRICES FOR ITS CONSUMER AND PROFESSIONAL FILMS IN A RANGE OF 3 TO 17 PERCENT. "INDUSTRIAL DEMAND FOR SILVER HAS BEEN LAGGING SIGNIFICANTLY SINCE IT WENT OVER $11," EIBL SAID. SPOT PLATINUM HIT $1,111 PER OUNCE AND WAS AT $1,111/$1,116 IN NEW YORK, UP FROM $1,101/1,105. PALLADIUM WAS AT $361/365 PER OUNCE, AGAINST $356/360.
