Wednesday, February 17, 2010

Gold Futures Explode Past $1,100 an Ounce

Gold futures prices surge

Gold futures shot up almost $30 an ounce. Gold for April delivery ended at $29.80 to finish the day at $1,119.80 an ounce, a gain of 2.7 percent for the session. It went as high a $1,121.90 an ounce during the day before pulling back.

Other metals did well too, as silver increased by 71 cents for March delivery, while copper rose 14 cents to $3.22 a pound.

Another factor helping commodities throughout the day was the news that manufacturing had increased at a quicker pace than expected, although that could largely be due to the replenishing of stockpiles rather than growth.

Either way, gold looks to take off again, with $1,125 being what is looked for for the next breakthrough needed.

Gold futures prices surge

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