Gold News & Info

Source: MarketWatch

New York— Gold and other metals futures rallied Tuesday, boosted by sharp weakness in the U.S. dollar and broad strength in commodities, with copper prices closing more than 6% higher and silver gaining nearly 4%. Gold for December delivery surged $30.50, or 4.2%, to finish at $757.30 an ounce on the Comex division on the New York Mercantile Exchange. The contract earlier hit an intraday high of $765 in electronic trading on Globex, matching the high from Oct. 30.

The U.S. dollar fell sharply against other major currencies Tuesday, slipping as equity markets rose on a further bounce in risk appetite. The dollar index, a measure of the greenback against a trade-weighted basket of six currencies, was last at 84.67, down from 86.350 late Monday. The "U.S. dollar is getting beaten up today … sparking sharp buying in all commodities," said Darin Newsom, a senior analyst at DTN. See full story.