Gold futures began the week on a positive note Monday amid a broad-based rally in the commodities complex.
COMEX gold for December 2011 delivery settled higher by $25.10, or 1.5%, at $1,710.80 per ounce, its best closing level since November 18th. However, the yellow metal had been as high as $1,724.90 this morning and later pared its gains.
Gold tracked the euro currency particularly closely today, as it initially climbed to near 1.34 against the U.S. dollar but later relinquished its entire gain to trade down by 0.1% at 1.3305. Commenting on the yellow metal, HSBC analyst Jim Steel stated that “Gold is simply getting some tailwind from the euro” in a note to clients.
Silver futures outperformed gold on Monday, with the COMEX December 2011 contract closing higher by $1.15, or 3.7%, at $32.16 per ounce. Other precious metals posted gains as well, with platinum rising 0.4% to $1,539.50 per ounce and palladium climbing 1.6% to $581.55 per ounce.
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.
