Gold News & Info

Source: Marketwatch

New York— Gold futures extended their climb Thursday, jumping past $1,226 an ounce and ending at a fresh high for the 20th session since the beginning of November, as weakness in the U.S. dollar boosted commodities prices. Gold for December delivery rose as high as $1,226.40 an ounce in overnight electronic trading. It ended up $5.40, or 0.4%, at $1,217.40 an ounce on the Comex division of the New York Mercantile Exchange.Gold futures have soared 38% this year and have made gains in 17 of the past 20 weeks. They advanced in all but two trading sessions in November.

"Gold continues to defy gravity and for good reasons: The shift out of fiat currency such as the dollar is happening at a swifter pace than most imagined it would," said Kevin Kerr, president of Kerr Trading International. In currencies, the dollar fell after European Central Bank President Jean-Claude Trichet confirmed the bank's tender offer this month will be the last as it gradually phases out special liquidity measures. See full story.