Gold futures climbed above $1,700 per ounce on Friday amid ongoing concerns over the European sovereign debt crisis.
COMEX gold futures for December 2011 delivery – the most actively traded contract – settled higher by $23.10, or 1.4%, at $1,723.50 per ounce. In doing so, gold futures extended their weekly gain to 5.3% – putting the yellow metal on pace for its best week since August 15-19.
Silver futures rallied alongside gold, with the COMEX December 2011 contract rising $0.24, or 0.7%, to $33.30 per ounce.
Precious metals extended their gains Wednesday afternoon as the U.S. Dollar Index (DXY) retreated from an intra-day high of 76.66 to hold onto only a fractional gain near 76.25.
Gold and silver shares moved higher as well, with the Philadelphia Gold & Silver Index up 1.1% at 197.65 this afternoon.
Crocodile Gold Hits More High-Grade at Crosscourse
Crocodile Gold’s management team believes the Crosscourse deposit is an excellent target on which to concentrate exploration efforts because of its proximity to the Union Reefs mill. It is anticipated that an underground mining center at Crosscourse can be defined and brought into production fairly quickly, supporting the Company's strategy to add low cost, high grade production to the near-term mine plan. Full Crocodile Gold News Release.
- 8.89 grams per tonne (g/t) gold over 12.3 meters (m).
- 4.51 g/t gold over 14.08m, including 16.2 g/t gold over 3.8m.
- 13.28 g/t gold over 3.65m.
- 14.83 g/t gold over 2.1m.