World Economy

Gold, Silver Climb

Gold, Silver ClimbGold, Silver Climb

Gold and silver climbed on the first trading day of 2016 as rising tension between Saudi Arabia and Iran spurred a return to haven assets. Bullion for immediate delivery rose as much as 0.9% to $1,070.27 an ounce and traded at $1,069.26 in Singapore, according to Bloomberg generic pricing, for its biggest gain since Dec. 21. The metal lost 10% in 2015 for a third annual drop, the longest slump since 2000. Holdings in gold exchange-traded products declined 2.56 metric tons to 1,463.9 tons on Friday. The assets shrank 8.3% in 2015 to cap a third year of contraction. Spot silver advanced 0.8% to $13.9305 an ounce, palladium retreated 2.7% and platinum dropped 1.4%.