By jturbin | October 25, 2011 3:15 PM EDT
Precious metals posted strong gains on Tuesday as gold and silver futures rebounded from considerable bouts of weakness in recent weeks.
COMEX gold futures, per the December 2011 contract, rallied $48.10, or 2.9%, to $1,700.40 per ounce. This marked the yellow metal’s highest settlement since September 22.
Silver for December 2011 delivery on the COMEX settled higher by 4.5% at $33.05 per ounce. Following the COMEX close, silver extended its gains to $33.38 in electronic trading.
Among cyclical commodities, crude oil jumped 2.1% to $93.17 per barrel, while copper dipped 0.8% to $3.42 per pound.
The broad-based strength in precious metals and oil came despite stability in the U.S.
dollar, which traded near unchanged against a basket of foreign currencies this afternoon.
