Gold futures turned higher in late morning trading Thursday, with the COMEX
December 2011 contract rising $13.00, or 0.8%, to $1,736.50 per ounce. In
overnight trading the yellow metal fell to as low as $1,707.50 per ounce, but
rebounded alongside the broader markets following the enhanced financial
assistance plan announced by European policymakers. Silver futures outperformed
the yellow metal, with the COMEX December 2011 contract rising $1.54, or 4.6%,
to $34.85 per ounce. Precious metals were lifted in part by weakness in the U.S.
dollar, which slid 1.6% against a basket of foreign currencies. Gold and silver
shares rallied as well, with the Philadelphia Gold & Silver Index (XAU)
advancing 2.2% to 201.95. As for the broader markets, they maintained the large
majority of their gains as morning trading proceeded.
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