Gold News & Info

Source: MarketWatch

San Francisco— Gold futures closed more than $2 an ounce higher Monday, extending their winning streak from the previous week, as safe-haven demand continued to attract investors to the precious metal. Gold for December delivery closed $2.50 higher to $712.20 an ounce on the New York Mercantile Exchange. It rose as high as $715.50 in the regular trading session, and touched $716.30 in overnight electronic trading.

"The declining U.S. dollar, increased geopolitical concerns worldwide and a seasonally favorable buying period through year-end, should all combine to a rise above key resistance of $735 before years-end," said Peter Grandich, editor of the Grandich Letter, in e-mailed comments. Grandich said that while gold is due for "some consolidation and profit-taking, the very fact that it rose despite widespread bearishness is a testament to the continuing internal strength it has demonstrated for over five years." See full story.