Gold futures climbed on Tuesday, by $57.70, or 3.6%, to $1,652.50 per ounce amid a broad-based rally in dollar-denominated asset classes. In doing so, COMEX gold for December 2011 delivery snapped a four-session losing streak that saw gold futures drop over $150 per ounce.
Silver performed even better than gold today, as the COMEX December contract surged $2.03, or 6.8%, to $32.00 per ounce. Silver had been as high as $33.585 at approximately 7:05am ET today, but pared its gains as trading progressed.
The rally in precious metals were fueled by weakness in the U.S. dollar, as the U.S. Dollar Index (DXY) fell 0.6% to 77.609.
Cyclical commodities posted strong gains as well, with copper rising 4.7% to $3.42 per pound and crude oil adding 5.0% to $84.28 per barrel.
Klondex Mines Delivers Updated Resource for Fire Creek
* The cut-off grade also resulted in an inferred resource estimate of 458,084 ounces of gold.
* During 2009 and 2010, 14 holes were drilled to in-fill known mineralization, eight holes were drilled to extend the known zones along strike and 13 holes were drilled to test new geophysical targets.
