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24-Nov2012

Gold futures surges on weak dollar

Gold futures surged suddenly above $1,750 an ounce, its 50-day moving average, for the first time in five weeks on Friday after trading slightly higher throughout early U.S. dealings, gaining 1.3 percent, as a drop in the dollar and options-related buying triggered a technical breakout.

Gold futures for December delivery settled up by $23.20 an ounce at $1,751.40 an ounce, on the Comex division of the New York Mercantile Exchange. While spot gold rose to 1.4% at $1,752.50 an ounce.


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