Precious Metals Rise, XAU Jumps 2.5%

Precious metals finished in positive territory on Monday, driven by weakness in the U.S. dollar and a broad-based rally in the commodities complex.

COMEX gold futures – per the December contract – settled higher by $6.90, or 0.4%, at $1,616.20 per ounce.  Silver futures for September delivery closed up at the COMEX by $0.06, or 0.2%, at $27.86 per ounce.

The U.S. Dollar Index (DXY) dipped 0.2% to 82.246, while the euro currency inched higher by 0.1% to 1.2421 against the greenback.

While the metals posted only fractional gains, gold and silver shares fared considerably better.  The Philadelphia Gold & Silver Index (XAU) climbed 2.5% to 154.10 – its best closing level since July 9th.

Among gold miners, notable advancers included Randgold Resources (GOLD) and Yamana Gold (AUY) – which rose by 2.7% to $93.03 and by 2.3% to $15.12 per share.

Coeur d’Alene Mines (CDE) and Pan American Silver (PAAS) – two widely-traded silver stocks – surged by 8.1% to $17.43 and by 4.1% to $15.51 per share.