US Commodities

Gold and other precious metals futures rose sharply Friday, propelled by weakness in the U.S. dollar and the latest surge to record highs in crude oil prices, traders and analysts said.

Yet another factor lending support to the precious complex was comments from Israel’s deputy prime minister warning that the country would attack Iran if the latter pursues nuclear-weapons programs, a couple of traders said.

A U.S. Defense Department official said there’s no change in status that would indicate Israel is preparing military action against Iran, CNBC reported Friday.

An Israeli paper quoted Israeli Deputy Prime Minister Shaul Mofaz as saying Israel would attack if Iran continues what Mofaz called “its nuclear weapons program.” CNBC said the unnamed U.S. official declared that “it would not make sense for Israel to strike Iran.” Mofaz is among several Israeli cabinet members said to be eying Prime Minister Ehud Olmert’s job if he is forced out of office by a corruption scandal.

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