Precious Metals Surge to Highest Level in One Month

Gold and silver futures moved in a bullish rally on Tuesday and reached their highest in one month. Gold futures contract for December delivery jumped 2.9 percent or $48.10 to settle at $1,700.40 per ounce at the Comex trading session of the New York Mercantile Exchange. This was the highest settlement since September 22nd, 2011.

Silver futures also followed the gold bullish rally and the December contract gained 4.5 percent or $1.41 to settle at $33.05 per ounce.

European debt crisis mainly resulted in appreciation of gold futures due to its safe haven status. Chief technical strategist, Richard Ross from Auerbach Grayson & Co commented, “Gold has kind of been like a sleeping giant for the last month or so.”

Among other base metals copper futures contract for December delivery fell 0.8 percent or $0.03 to $3.42 per pound however the same contract surged 7 percent on Monday.

Platinum futures contract for January delivery surged 1.7 percent or $26.80 to $1,568.80 per ounce on Tuesday while its sister metal palladium for December delivery advanced 2.1 percent or $13.60 to $652.10 per ounce.

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