Gold futures climbed above $1,700 per ounce on Friday amid ongoing concerns over the European sovereign debt crisis.
COMEX gold futures for December 2011 delivery – the most actively traded contract – settled higher by $23.10, or 1.4%, at $1,723.50 per ounce. In doing so, gold futures extended their weekly gain to 5.3% – putting the yellow metal on pace for its best week since August 15-19.
Silver futures rallied alongside gold, with the COMEX December 2011 contract rising $0.24, or 0.7%, to $33.30 per ounce.
Precious metals extended their gains Wednesday afternoon as the U.S. Dollar Index (DXY) retreated from an intra-day high of 76.66 to hold onto only a fractional gain near 76.25.
Gold and silver shares moved higher as well, with the Philadelphia Gold & Silver Index up 1.1% at 197.65 this afternoon.
Source; http://www.goldalert.com/2011/10/gold-futures-climb-u-s-dollar-pares-gains/
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