Gold and silver futures settled sharply higher at the COMEX on Wednesday, fueled by U.S. dollar weakness and a broad-based rally on Wall Street.
COMEX gold for December 2011 delivery finished with a gain of $32.10, or 1.9%, at $1,745.50 per ounce. Later this afternoon in electronic trading, the yellow metal climbed back above the $1,750 per ounce level.
Silver futures surged higher as well, by $0.97, or 2.8%, to $32.93 per ounce.
With the rally in precious metals, the price of gold extended its gain in November to 1.9%. Silver, however, remained lower by 4.0% this month.
Gold and silver stocks extended their gains as well this afternoon, as the Philadelphia Gold & Silver Index (XAU) jumped 6.4% to 207.30. Two of the XAU’s top performers were AngloGold Ashanti (AU) and Pan Americna Silver (PAAS), which rallied 8.0% and 6.5%, respectively.
Source: http://www.goldalert.com/2011/11/gold-futures-surpass-1750-silver-nears-33/
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