Gold futures came well off their intra-day lows on Wednesday despite continued strength in the U.S. dollar.
COMEX gold futures, per the December 2011 contract, fell to as low as $1,680.10 per ounce this morning amid widespread liquidation in the commodities complex. However, the yellow metal pared its losses to settled down just $6.50, or 0.4%, at $1,695.90 per ounce.
Silver futures fared considerably worse than gold, as the COMEX December 2011 contract finished the session lower by $1.07, or 3.2%, at $31.88 per ounce.
Other precious metals ended in the red as well, with platinum off 0.8% at $1,558.30 per ounce and palladium down by 1.9% at $589.85 per ounce.
The U.S. Dollar Index (DXY) advanced 1.1% to 79.074 this afternoon as sovereign debt concerns in Europe continued to escalate following a disappointing German ten-year bond offering. The euro tumbled to as low as 1.3322 against the dollar – its lowest level since October 5th.
Colossus Reports New Discovery at Serra Pelada
- 736 soil geochemical samples over 0.1 parts per million (ppm), 163 over 0.5 ppm and 73 over 1.0 ppm, peaking at 21.9 ppm.
- These samples have outlined a large area, in excess of 50 hectares, in the Elefante and Young Garimpo sections of Area B and in Area C of gold-platinum-palladium surface anomalies.
- Initial auger drilling of these anomalies has intersected high grades in each of these areas including 124.78 grams per tonne (g/t) gold, 6.52 g/t platinum and 7.67 g/t palladium over 1.5 meters in Elefante.
