News Column

Gold Rises to Month High on Weak Dollar

Nov. 26, 2012

Gold futures on the COMEX division of the New York Mercantile Exchange rose to a month's high Friday on weaker dollar.

The most active gold contract for December delivery rose 23.2 dollars, or 1.34 percent, to settle at 1,751.4 dollars per ounce.

This is gold's highest closing price since October 17. In the week, the precious metal rose 2.1 percent.

News from Germany was a major factor boosting gold prices Friday. The Ifo Institute released its business-climate index at 101.4 in November as against 100 in October, exceeding market analysts' expectations. The news lifted euro and dampened U.S. dollar.

As a result, the dollar index, a gauge of the greenback against a basket of currencies, fell to 80.270 from 80.704 Thursday. A weak dollar makes the precious metal a safe-haven choice for holders of other currencies.

Clash between union members outside a gold mine in South Africa further supported gold prices, as it triggered outage fears.

COMEX floor trading was closed Thursday for the Thanksgiving holiday.

Silver for December delivery added 76.6 cents, or 2.3 percent, to close at 34.116 dollars per ounce. Platinum for January delivery gained 33.2 dollars, or 2.1 percent, to close at 1,617.1 dollars per ounce.

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Source: (c) 2012 Xinhua News Agency - CEIS. Provided by ProQuest LLC. All rights Reserved.

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