COMEX gold futures rose sharply Thursday as a plunging dollar after the US presidential election sparked fund buying and renewed global interest in the safe-haven metal. December gold on the New York Mercantile Exchange's COMEX division was up $6.80 at $432.20 an ounce after backtracking from a peak of $434 which marked its loftiest since April when gold hit a 16-year high of $436.50. A weak dollar tends to make gold more affordable for non-US buyers.
The dollar came within a hair of a record low against the euro. Midmorning in New York, the euro rose to $1.2871 from about $1.2717 on Wednesday afternoon.
Spot gold raced to a 16-year peak at $432.75 an ounce before backing off to $430.05/0.80 versus $425.50/6.25 late Wednesday in New York. The afternoon fix in London was $430.50.
December silver jumped 28.2 cents to $7.44 an ounce, within a $7.15 to $7.495 range, but below from the October 25 high of $7.53. Spot silver touched $7.39/42, up from $7.14/17 previously. The London fix was $7.255.
NYMEX January platinum climbed $21.70 to $850 an ounce. Spot platinum traded at $845.00/850.00.
December palladium rose $5.50 to $216 an ounce. Spot palladium hit $211.00/215.00.
Comments
Comments are closed.