Gold Trades Near Highest in a Week in London on Haven Buying

BY

Gold traded near a one-week high as investors sought haven investments on speculation Iran will today formally refuse to suspend its uranium-enrichment program.

If things with Iran worsen, it would trigger more bullion buying.

Gold for immediate delivery was little changed at $626.13 an ounce at 12:24 p.m. after earlier gaining as much as 0.3 percent, to $629.80. Gold futures for December delivery gained 20 cents, to $635 an ounce on the Comex division of the New York Mercantile Exchange.

The United Nations has given Iran until Aug. 31 to accept a European Union-led proposal of incentives, and suspend uranium enrichment, or face the prospect of economic sanctions.