Gold rallies on fresh round of euro worries

(MarketWatch) — Gold and silver futures rose Monday as another round of worries about the euro-zone crisis and China’s economic outlook saw traders shun equity markets in favor of perceived safe-haven investments.

Gold for December delivery  rose $36.80, or 2.3%, to $1,658.60 an ounce on the Comex division of the New York Mercantile Exchange.

Gold ended the previous session up 0.3% and “gathered steam as no new good news” emerged from the euro zone, said George Gero with RBC Wealth Management in e-mailed comments.

“The gold rally if it breaks through the upside of ($1675 an ounce) and stays in that range will signal a good turn. We now hope for some build in open interest for silver and gold,” he added.

Other metals traded lower, with copper feeling the pinch of the continued worries about the global economy and “the stimulus not yet working miracles in two continents,” Gero said.

December copper  traded 10 cents lower, or 1.4%, to $3.05 a pound.

Silver for December delivery  gained 67 cents, or 2.2%, at $30.74 an ounce..

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