Gold Jumps on its Safe Haven Status

Gold futures gained on Monday as investors turned their focus towards the precious metal’s safe haven status. Uncertainty in the market was widely seen over euro zone’s sovereign debt crisis after Germany decided not to use to its gold reserves for the region’s bailout program.

Editor, Brien Lundin from Gold Newsletter commented, “The reports that German gold reserves will be untouchable in any rescue plan certainly gave gold a big boost today, I don’t believe this was a widely considered risk factor for gold, but the vote of confidence added more momentum to the metal’s recent positive trend.”

Gold futures contract for December delivery jumped 2 percent or $35 to $1,791.10 per ounce on the Comex trading of the New York Mercantile Exchange on Monday. The respective contract touched its intraday high of $1,794 per ounce.

Other base metals also followed the bullish rally of gold and closed on positive notes. Silver futures contract for December delivery jumped 2.2 percent or $0.74 to settle at $34.83 per ounce whereas the respective contract declined 3.4 percent in the last week. Copper futures for December delivery gained 0.8 percent or $0.03 to $3.54 per pound whereas fell 4 percent in the last week.

Platinum futures contract for January delivery jumped 1.8 percent or $28.70 to $1,658 per ounce while its sister metal palladium for December delivery advanced 1 percent or $6.60 to $661.90 per ounce at New York Mercantile Exchange.

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