Gold Futures Climb amid Very Heavy Physical Buying

Gold futures rallied Monday amidst boundless backbone in abounding U.S. dollar-denominated asset classes. COMEX gold futures, per the December 2011 contract, climbed $35, or 2.1%, to achieve at $1,670.80 per ounce.

Later this afternoon in cyberbanking trading, gold futures accomplished $1,675.60.

The Wall Street Journal acclaimed that Credit Agricole analyst Robin Bhar wrote in a agenda to audience that resurgent Asian concrete appeal is allowance to abutment the gold market. ”Intraday amount animation has below sharply, a above agency in giving the beasts abundant aplomb to re-enter the bazaar adjoin a accomplishments of actual alive concrete buying,” Bhar noted.

He after added that gold bar accumulation is abbreviating in Hong Kong and Singapore, while premiums are now at their accomplished akin back February of this year.

Silver futures jumped alongside the chicken metal, with the COMEX December 2011 arrangement advancing $0.99, or 3.2%, to $31.98 per ounce. Platinum futures rose 2.1% to $1,525.10 per ounce, while aegis surged 4.9% to $614.30 per ounce.