Daily Gold Update

Source: Marketwatch

New York— Gold futures rose Monday, with the most active contract climbing above $1,140 an ounce, as a drop in the U.S. dollar pulled more investors into the precious metal. Other metals also rallied, receiving a boost from evidence of economic growth in the U.S. and in Japan.

Gold for December delivery rose as high as $1,140.70 an ounce. It ended up $22.50, or 2%, at $1,139.20 an ounce on the Comex division of the New York Mercantile Exchange. The thinly traded November contract climbed $22.50, or 2%, to $1,138.6 an ounce, the strongest settlement price for a Comex front-month contract. There were "huge short covering rallies in all the precious metals," said George Gero, a precious-metals trader for RBC Capital Markets. Trading patterns "signify buyers [are] interested in the long term holding of the metals as the dollar fell." See full story.