Gold Futures Rise 12.3% in August, Best Month Since Nov 9

Gold futures inched higher on Wednesday, with the COMEX December 2011 contract settling higher by $1.90, or 0.1%, at $1,831.70 per ounce.

In doing so, COMEX gold futures posted a 12.3% gain in August, marking its best month since a 12.8% surge in November 2009.

Silver rallied alongside the yellow metal today, by $0.30, or 0.7%, to $41.77 per ounce.

For the month, silver lagged gold, as it advanced 5.3%.  Silver’s underperformance relative to gold was driven by broad-based weakness in industrial commodities and rising risk aversion across the globe.

On a year-to-date basis, however, silver remains higher by 35.0%, compared to 28.9% for gold.