Gold futures settled higher Monday, November 28, as a plunge decline in the stock market helping the precious metal regain stability after hitting lows last seen in February.
Gold futures for December delivery GCZ6, +1.19% rose $12.40, or 1.1%, to settle at $1,190.80 an ounce. That follows Friday’s session when the contract fell 0.9% to less than $1,179 an ounce.
Prices last week lost roughly 2%. February gold GCG7, +1.22% which is also among the most-active contracts, tacked on $12.80, or 1,1%, to finish at $1,193.80 an ounce.
“Gold is a very emotional market and we have seen long liquidation on the lows and short liquidation on the highs,” Bill Baruch, chief market strategist at iiTRADER, told MarketWatch.
Gold prices on Monday also got a boost as declines in U.S. equities helped to raise the metal’s investment appeal, MarketWatch reports.
In other metals action, March silver SIH7, +0.73% rose 12.1 cents, or 0.7%, to $16.675 an ounce. Last week, silver pushed into a bear market. March copper HGH7, -0.63% ended at $2.671 a pound, down 1.1 cents, or 0.4%.
January platinum PLF7, +1.64% rose $15, or 1.7%, $923.30 an ounce. March palladium PAH7, +2.13% gained $15.10, to 2%, to $758 an ounce.
Among the exchange-traded funds, the SPDR Gold Trust GLD, +0.91% tacked on 0.9%, while the VanEck Vectors gold Miners ETF GDX, +3.49% rose 3.6%.
