Gold futures held steady near $1,780 this afternoon despite modest strength in the U.S. dollar against a basket of foreign currencies.
COMEX gold for December 2011 delivery – the most actively-traded contract – settled higher by $3.80, or 0.2%, at $1,782.20 per ounce. The yellow metal climbed this morning to $1,787.80, later fell to $1,768.00, and subsequently rebounded into the close of COMEX trading.
In contrast to gold, silver futures moved noticeably higher. The COMEX December 2011 contract was higher by $0.45, or 1.3%, at $34.48 per ounce this afternoon. Gold’s sister precious metal hit an intra-day high of $34.84 this morning before falling to $34.10 and later bouncing back.
Despite the gains in precious metals, gold and silver shares were largely lower, as the Philadelphia Gold & Silver Index (XAU) dipped 0.3% to 208.49. Notable decliners included Goldcorp (GG) and Silver Wheaton (SLW), which retreated 0.4% and 0.7%, respectively.
Cyclical commodities moved higher alongside silver, with crude oil settling above $99.00 per barrel for the first time since July of this year. Copper futures headed north as well, by 0.4% to $3.50 per pound.
Klondex Raises Capital to Fund Fire Creek Gold Project
Klondex expects to use the net proceeds of the offering for the development of the Fire Creek gold project in Nevada, USA, and ongoing operating and working capital requirements. Full Klondex News Release.
* The property is readily accessible via Federal and state roads, is close to the electrical power grid, and is within 50 miles driving distance of two large mills.
* Klondex recently announced that its active 2011 surface drilling program continues to find new gold veins and to expand the scope of the resource at its Fire Creek.
