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Gold Futures Rise to One-Week High as Commodities Gain on Europe

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Oct. 31 (Bloomberg) -- Gold futures rose to a one-week high as commodities rallied on speculation that Europe’s debt woes will be contained.

The Standard & Poor’s GSCI Spot Index of 24 raw materials climbed to a one-week high, and the dollar dropped against a basket of major currencies. Euro-area finance chiefs discussed giving Greece more time to meet bailout targets. Holdings in exchange-traded products backed by gold climbed to a record yesterday, according to data compiled by Bloomberg .

“Gold is getting some bids today because of optimism about Europe,” Sterling Smith, a futures specialist at Citigroup Inc.’s institutional client group in Chicago, said in a telephone interview. “The weaker dollar is providing support too.”

On the Comex in New York, gold futures for December delivery gained 0.4 percent to settle at $1,719.10 an ounce at 1:46 p.m. Earlier, the price reached $1,726.60, the highest for a most-active contract since Oct. 23.

In October, the metal dropped 3.1 percent. Gold gained in the previous four months, the longest rally since the end of 2010. The price has advanced 9.7 percent this year.

The Comex floor opened today for the first time since Oct. 26 after being shut for the previous two days because of damage in the area from Hurricane Sandy.

Silver futures for December delivery rose 1.6 percent to $32.316 an ounce on the Comex, the biggest gain since Sept. 27. In October, the price dropped 6.5 percent. The metal gained in the previous three months, the longest rally since April 2011. The commodity has advanced 16 percent this year.

Platinum futures for January delivery gained 1.5 percent to $1,577 an ounce on the New York Mercantile Exchange. The price declined 5.5 percent in October. The metal has climbed 12 percent this year.

Palladium futures for December delivery advanced 2.3 percent to $609.80 an ounce on the Nymex, the biggest gain since Oct. 4. In October, the price dropped 4.8 percent, ending a three-month rally. The metal has declined 7.1 percent this year.

To contact the reporters on this story: Debarati Roy in New York at droy5@bloomberg.net;

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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