Gold Jumps on Weaker U.S. Dollar

by Christopher Freeburn | December 10, 2013 5:02 pm

Gold Silver GLD IAU SLV[1]A continuing slide in the value U.S. dollar against other currencies gave gold a boost on Tuesday, sending the metal up sharply as investors looked for investment alternatives to the declining greenback.

Gold futures for February climbed 2.2% to $1,261.10 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,267.50 and as low as $1,237.40. Bullion closed in London at $1,266, according to BullionVault[3].

Silver futures for March delivery surged 3.1%, rising to $20.32 per ounce. Tuesday’s high for silver was $20.43, while the low was $19.74.

Metal funds gained on Tuesday.

Mining ETFs improved during the day.

Gold stocks vaulted higher on Tuesday.

Silver mining shares advanced during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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