Precious metals posted strong gains on Tuesday as gold and silver futures rebounded from considerable bouts of weakness in recent weeks.
COMEX gold futures, per the December 2011 contract, rallied $48.10, or 2.9%, to $1,700.40 per ounce. This marked the yellow metal’s highest settlement since September 22.
Silver for December 2011 delivery on the COMEX settled higher by 4.5% at $33.05 per ounce. Following the COMEX close, silver extended its gains to $33.38 in electronic trading.
Among cyclical commodities, crude oil jumped 2.1% to $93.17 per barrel, while copper dipped 0.8% to $3.42 per pound.
The broad-based strength in precious metals and oil came despite stability in the U.S. dollar, which traded near unchanged against a basket of foreign currencies this afternoon.
Klondex Mines Makes “Excellent Headway” at Fire Creek Gold Property
* The underground program is testing the Main Zone mineralization to help further define the Fire Creek mineral resource and to guide underground development.
* In late September Klondex received regulatory approvals to construct new drill roads and drill pads required to complete the 2011 drilling program and that work is now being completed.
