Gold Futures Jump in Reaction to Weaker Greenback

Gold futures rallied on Tuesday and ended on highest level for the week in reaction to weakening US dollar. Commodities are negative correlated with US dollar and perform while the dollar falls as it makes commodities cheaper for investors of other currencies.

Gold futures contract for February delivery gained 2.2 percent or $33.70 to settle at $1,600.50 per ounce at the Comex trading of the New York Mercantile Exchange. The respective contract touched its intraday high of $1,608.70 per ounce. Gold has gained 10 percent for the year 2011.

Among other metals silver also gained in reaction to strong manufacturing data on United States and China and posted its highest gain since last November. Silver futures for March delivery surged 5.9 percent or $1.66 to settle at $29.57 per ounce.

Copper futures contract for March delivery gained 2.7 percent or $0.09 to settle at $3.53 per pound. Platinum futures for April delivery jumped 2 percent or $27.60 to $1,432.50 per ounce while palladium futures contract for March delivery advanced 1.1 percent or $7.35 to $663.50 per ounce on NYMEX.


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