Gold rebounds on Iran missile test, off two-wk low

By Lewa Pardomuan

SINGAPORE (Reuters) - Gold regained ground on Wednesday as speculators resurfaced on news that Iran has test fired nine long- and medium-range missiles, lifting the metal's safe-haven appeal in times of uncertainty.

State media said Iran has test fired missiles, including one which it has previously said could travel as far as Israel and U.S. bases in the region, at a time of increased tension between Iran and Israel over Tehran's disputed nuclear programme.

Gold was steady at $921.65/922.65 an ounce from $921.35/922.55 an ounce late in New York on Tuesday, having hit an intraday low of $915.60 an ounce.

Gold fell as low as $912.50 an ounce on Tuesday, its lowest level since June 27, on weaker oil and a rebounding U.S. dollar. Gold was well below a record high of $1,030.80 hit in March.

"It's not surprising that the market has taken the news as positive for gold. I think $910 to $912 are going to be support, on the top side we are looking at $925 as resistance," said Darren Heathcote of Investec Australia in Sydney.

"We still have an awful lot of uncertainty out there, which should help to underpin it for the time being," he said.

Tension is also high between Iran and the United States over Iran's nuclear programme, which Washington says is aimed at making an atomic bomb but Tehran says is for generating energy.

There has been media speculation of a possible U.S. or Israeli military strike against Iran's nuclear facilities.