Futures Market News
Gold, silver futures climb
Mar 15, 2012 01:31 PM
The yellowish metal was heading toward its poorest weekly performance since the middle of December of last year, Reuters reports. Losses from Monday through Wednesday, which were attributable to the world's reserve currency gaining value, provided an opportunity for investors to purchase bullion at better prices.
"The mood remains fairly somber amongst the gold bulls this morning," states a note penned by global precious metals director Steve Scacalossi with TD Securities on Thursday, according to Dow Jones Newswires. "Yesterday's selloff took out some key technical supports in both gold and silver."
At 2:06 p.m. on Thursday, gold futures climbed 1.17 percent, a $19.20 increase to $1,662.10 per troy ounce. Silver futures increased 1.78 percent, a 57.4 cent lift to $32.755 per troy ounce.
The record price for gold is $1,923.70 per troy ounce, which was set on September 7 of last year. The record price for silver futures is $50.35 per troy ounce, which was set in January 1980 when the Hunt brothers of Texas attempted to corner the market.
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