Gold futures turned higher in late morning trading Thursday, with the COMEX December 2011 contract rising $13.00, or 0.8%, to $1,736.50 per ounce.
In overnight trading the yellow metal fell to as low as $1,707.50 per ounce, but rebounded alongside the broader markets following the enhanced financial assistance plan announced by European policymakers.
Silver futures outperformed the yellow metal, with the COMEX December 2011 contract rising $1.54, or 4.6%, to $34.85 per ounce.
Precious metals were lifted in part by weakness in the U.S. dollar, which slid 1.6% against a basket of foreign currencies.
Gold and silver shares rallied as well, with the Philadelphia Gold & Silver Index (XAU) advancing 2.2% to 201.95.
As for the broader markets, they maintained the large majority of their gains as morning trading proceeded. The Dow Jones Industrial Average (DJIA) soared 267.99 points, or 2.3%, to 12,137.03 – its first time back above the 12,000 level since August 2nd of this year. The markets’ strength coincided with a substantial decline in risk aversion, evidenced by the 13.7% drop to 25.78 in the CBOE Volatility Index (VIX).
Platinum Group Metals Purchases Canadian Platinum Project
- The mineralization is in a well-recognized deposit model known as a "Komatiite Hosted" setting.
- The discovery, made during exploration for diamonds, is notable as it is a first for this part of the Northwest Territories.
- The platinum group metals grades are at the top end of the global ranges for the copper nickel mineralization style.
- Platinum Group Metals will utilize the winter season to review and model all of the extensive project data and establish supplies at the exploration camp for a drilling campaign in the spring and summer 2012.
