Gold futures on the COMEX Division of the New York Merc rallied to a one-week high Monday as the US$ went South. Silver and Platinum both ended higher too. Gold price for December delivery gained US$13.50 , or 1.3%, to finish at US$1,017.80 oz, shortly after touching the intra-day high of US$1,018.80, the highest price level since Sept. 23. The US$ fell Monday after a statement from the G-7 meeting in Istanbul, Turkey over the weekend. The seven major economies of the world said in the statement that “excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.” This did not give much support to the greenback although investors expected a stronger statement in support of the USD. The dollar index, a gauge measuring the greenback’s value against a basket of major currencies, dropped 0.385 to 76.629 from77.014 on late Sunday, fueling Gold’s appeal of hedge. On the economy front, the US service sector grew in September for the first time in 13 months. The Institute for Supply Management said that its service index hit 50.9 last month, up from 48.4 in August. This also pressured the US$ as investors opt to purchase high risk currencies for more profits. December Silver finished at US$16.535 oz, + 30.5 cents. January Platinum rose US$18.40 to US$1,301.80 oz.
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