-->David Rinehimer, director of commodities research at Citigroup Global Markets, said that gold jumped because of firmer crude prices, and the fact that buy-stops were activated once prices moved above last week's high.

Oil prices soared well above $60 a barrel on Wednesday as a rash of snags affecting U.S. oil refineries, pipelines, and an oil field sparked worries of a supply crunch in the world's biggest energy consumer, the United States. [ID:nSP36164]

"We started to gain upside momentum with the energy markets. (There is) an increased likelihood of an escalation of tensions with Iran," Rinehimer said.

Iran vowed on Wednesday to press on with its nuclear fuel program, ignoring a U.N. deadline to freeze uranium enrichment or face broader sanctions, but offered to guarantee it would not try to develop atomic weapons.

<ul> ~ http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070221:MTFH53046_2007-02-21_20-33-53_N21327583&type=comktNews&rpc=44</ul>