Precious Metals Surge, Gold Jumps Most in 2 Months
By jturbin | November 7, 2012 4:58 AM EST
Gold and silver futures turned sharply higher in mid-day trading amid a broad-based rally on Wall Street. Several financial sources jokingly attributed the rise in precious metals and other markets to Ben Bernanke winning the election. Meanwhile, the rally occurred in spite of stability in the U.S. dollar, which remained lower by only 0.1% against a basket of foreign currencies.
COMEX gold futures climbed as much as $35.20, or 2.1%, to $1,718.40 per ounce while silver futures advanced by $1.08, or 3.5%, to $31.13 per ounce. In doing so, gold futures were on pace for their best day since September 7th, while silver eyed its largest gain since September 13th.
Gold and silver stocks surged higher alongside precious metals, as the Philadelphia Gold & Silver Index (XAU) added 1.5% to 180.50. Notable XAU components in the black included IAMGOLD (IAG), Randgold Resources (GOLD), and Silver Standard Resources (SSRI). Shares of IAG rose by 3.1% to $15.15, GOLD by 2.3% to $119.99, and SSRI by 2.5% to $14.57.
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The broader equity markets posted strong gains as well, with the Dow Jones Industrial Average (DJIA) advancing by 146.98 points, or 1.1%, to 13,259.42 and the S&P 500 Index by 12.73 points, or 0.9%, to 1,429.99. Risk aversion tumbled in the process, as the CBOE Volatility Index (VIX) dropped by 5.7% to 17.37.
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