Gold Futures Post New Record Close

Gold futures rallied to a new all-time high on a closing basis but failed to reach a new intra-day record high for the second straight day on Wednesday.

COMEX gold futures, per the December contract, settled with a gain of $8.80, or 0.5%, at $1,793.80 per ounce, surpassing yesterday’s $1,785 closing level.  However, the yellow metal remains below its $1,817.60 all-time high set last week.

Silver futures, per the September contract, traded higher by $0.60, or 1.5%, at $40.42 per ounce this afternoon.

In doing so, gold and silver extended their year-to-date gains to 26.2% and 30.6%, respectively.

Strength in gold and silver coincided with weakness in the U.S. Dollar Index (DXY), which fell 0.4% to 73.715 against a basket of foreign currencies.