Gold News & Info

Source: MarketWatch

New York— Gold futures rose for a fourth consecutive session Monday, surging to their highest in more than five weeks amid broad rallies in stocks and commodities, as safe-haven buying and the dollar's decline continued. Gold's gains came as U.S. equity markets jumped and as crude oil and other metals surged. Silver leaped past $10 an ounce for the first time in two weeks. Gold for December delivery rose $37.70, or 4.8%, to $829.50 an ounce on the Comex division of the New York Mercantile Exchange. It rose as high as $830.10 earlier, the loftiest intraday level since Oct. 16. The metal has gained nearly $95, or 13%, since Nov. 18. Gold rallied more than $40 Friday, capping off a rise of 6.6% for the week — the biggest percentage gain since the week ended Sept. 19.

"Dollar weakness and oil strength are contributory factors that drove gold higher, but safe-haven buying looks to be a primary cause," said Mark O'Byrne, executive director at Gold & Silver Investments. In foreign-exchange trading, the dollar index, which tracks the value of the greenback against its major rivals, lost 1.4%. A falling dollar increases gold's investment appeal. See full story.