Base metal gains lend support to precious metals, especially silver, platinum which have heavy industrial component, says HSBC Analyst James Steel. Says gold price rise in light of end of Iran-U.K. standoff 'puzzling.' Says sheer scale of base-metals rally appears to outweigh impact of moderate oil price declines. U.S. sweet crude futures trade at $64.21/bbl, down $0.15. "However, should oil prices move more forcefully lower, petroleum ultimately could exert the greater influence on gold and the precious metals, in our view," Steel says. Spot gold trades at $673.35/oz, up $1.45 vs late N.Y. trading, silver at $13.55, up 2 cents, platinum at $1,245, up $1.
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