Gold Futures Settle at New Record Closing Level

Gold futures rallied on Tuesday to settle at a new all-time record high on a closing basis.

COMEX gold futures, per the December contract, finished higher by $27.00, or 1.5%, at $1,785.00 per ounce.  In doing so, the yellow metal surpassed its previous record close of $1,784.30, reached last Wednesday the 10th.

However, on an intra-day basis gold futures reached a high today of just $1,789.80 per ounce – which is well below the $1,817.60 record all-time high reached on August 11.

Silver futures climbed alongside gold, with the COMEX September contract settling higher by $0.51, or 1.3%, at $39.82 per ounce.

Precious metals rallied this morning amid weakness in cyclically-sensitive equities and commodities, and extended their gains following a joint statement from Angela Merkel and Nicolas Sarkozy on proposals to strengthen the euro zone economy.