UPDATE 5-Gold spikes to new 25-year high, silver climbs

Newswire

(Updates with New York closing prices) By Atul Prakash LONDON, Jan 31 (Reuters) - Fund buying lifted gold to a new 25-year peak and silver to its highest in 22 years on Tuesday as firm oil prices and political concerns focusing on Iran and the Middle East boosted metals' safe-haven appeal. Gold and silver were seen aiming to hit the next targets of $600 and $10 an ounce, respectively, in the coming weeks after rapidly rising this year and making impressive gains in 2005, dealers said. ...

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