Gold futures rallied on Tuesday to a fresh all-time high amid disappointing U.S. economic data and ongoing concerns over America’s fiscal situation.
COMEX gold futures, per the December contract, reached a new record intra-day high of $1,647.80 per ounce before settling at a fresh closing high of $1,644.50 per ounce.
The yellow metal’s strength came after a report showed that U.S. consumer spending fell 0.2% in June, missing the 0.1% gain expected by economists. News that the Bank of Korea purchased gold for the first time in 13 years also helped send gold futures higher, as well as lingering worries that the deal to raise the U.S. debt ceiling does not adequately address the nation’s fiscal woes.
Silver futures climbed alongside gold, with the September COMEX contract advancing $0.96, or 2.4%, to $40.27 per ounce.
The gains in gold and silver came despite modest strength in the U.S. Dollar Index (DXY), which rose 0.3% to 74.51 in afternoon trading.
Claude Strikes at Seabee
In 2011, Claude Resources will drill approximately 86,500 meters at the Seabee Gold Operation. Exploration targets include the Seabee Gold Mine, the Santoy 8 Gold Mine, Santoy Gap, L62 and Neptune. Full Claude Resources Press Release.
