Gold Futures Jump to Record Level in last Six Weeks

Gold futures moved in a bullish rally and jumped to their record high in last six weeks. Gold mainly appreciated on its safe haven status in reaction to mixed US economic data and euro zone’s debt situation.

Gold futures contract for December delivery jumped 2.1 percent or $35.50 to $1,765.10 per ounce at the Comex trading of the New York Mercantile Exchange. This was the highest settlement for the respective contract since September 21st, 2011.

Analysts from GoldCore commented, “For gold, a move back to the $1,800 level seems likely — possibly in November,” on factors affecting the gold they attributed, “the scale of the European and global debt crisis, the slowing U.S. and global economy and heightened macroeconomic, monetary and systemic risk” with highest impact.

Investors were optimistic about the US economy after the decrease in initial jobless claims to 397,000 but the decrease in ISM’s non manufacturing index to 52.9 percent created uncertainty among traders.

Among other base metals Silver futures contract for December delivery jumped 1.6 percent or $0.55 to settle at $34.50 per ounce on Comex trading. Copper futures contract for December delivery gained 0.2 percent to $3.59 per pound.

Platinum futures contract for January surged 2.9 percent or $45.70 to $1,647 per ounce while its sister metal palladium futures for December delivery soared 2.1 percent or $13.45 to $662.10 per ounce.


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