Gold News & Info

Source: Marketwatch

San Francisco— Gold futures rallied and copper futures soared 7% on Monday as investors grew more optimistic about a resolution for Europe�s sovereign-debt crisis and cheered a strong manufacturing showing out of China. Gold for December delivery rose $16.20, or 1%, to end at $1,652.30 an ounce on the Comex division of the New York Mercantile Exchange. Gains for metals more closely related to industrial uses shot up, with copper soaring 7% on optimism about China�s appetite for raw materials after a preliminary read on Chinese manufacturing showed a rise.

Markets were also cautiously optimistic European leaders will agree this week to a comprehensive plan to address the region�s debt crisis. Europe�s crisis had been so acutely felt in the U.S. traders had to sell gold and other assets in past sessions as they scrambled for cash. Gold also has gained as other commodities such as oil have advanced, raising the profile of raw-materials futures, and physical buying has been �moderate,� said Jim Steel, a precious metals analyst with HSBC in New York. See full story.