Gold hits 3-week high, leads metals higher - Weaker dollar gets factored into move higher for precious metal
28 December 2010, by Deborah Levine (MarketWatch)
Gold futures jumped as much as 1.7% on Tuesday, reclaiming the $1,400-an-ounce level, as the dollar fell against a broad range of currencies.
Copper also touched a new record high.
Gold for February delivery closed at $1,405.60 an ounce, gaining $22.70 — its biggest one-day rise since early November. It touched $1,407.20 on an intraday basis.
Copper for March delivery ended at $4.33 a pound, up 5 cents from Monday.
Also Tuesday, silver for March delivery gained $1.07 to $30.27 an ounce.
Palladium for March delivery added $20.10 to $787.20 an ounce.
The January contract for Platinum rose to $1,751.70 an ounce, up $16.20.
Gold hit a record high earlier this year and is up 28% for the year.
Silver — a cheaper alternative to gold — has skyrocketed nearly 77%.
Copper also has appeal as an industrial metal that tends to benefit from global economic growth. It’s gained 29% this year.