Gold futures extended their gains Monday afternoon, as the COMEX December contract reached another new all-time record high of $1,721.90 per ounce. This level marked a gain of $70.10, or 4.2%.
With today’s rise, the yellow metal is now higher by 6.6% in August and 21.2% year-to-date.
The gains in gold came despite strength in the U.S. Dollar Index (DXY), which remained higher by 0.2% against a basket of foreign currencies this afternoon.
Gold shares rallied on the back of the yellow metal, with the AMEX Gold Bugs Index (HUI) surging 3.7% to 546.60. Notable advancers included AngloGold Ashanti (AU), IAMGOLD (IAG), and Randgold Resources (GOLD) – with gains of 3.3%, 1.9%, and 8.2%, respectively