Gold, silver futures jump sharply in global market on Tuesday

Gold and silver futures rose sharply in early Tuesday electronic trading, moving in tandem with stocks as hope rose for a resolution to the European debt crisis.

In early Tuesday trading hours in Asia, benchmark Comex gold for December delivery was up $36.80 or 2.3% at $1,631.60 an ounce, with the gains coming after reports of a planned leveraged increase in funds available via the European Financial Stability Fund to shore up that region’s fiscal situation.

December silver made an even sharper advance, adding $1.04 or 3.5% to trade at $31.02 an ounce.

The metals’ advance coincided with an easing in the U.S. dollar and a rally in Asian share markets.

Concerns of a possible global liquidity crunch had sent gold futures plunging 2.7% and silver down a milder 0.4% in Monday trading on the Comex division of the New York Mercantile Exchange.

Gold’s Monday settlement was the lowest since late July. (MarketWatch)

Posted by VBN on Sep 27 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry