Gold Market Update : Epic Research Singapore

Gold futures rallied on Thursday to their highest settlement in about five weeks, with weakness in the U.S. dollar against most currency rivals and declines in global stock markets boosting the precious metal’s investment appeal.

The market also awaited comments from Federal Reserve Chairwoman Janet Yellen, who is slated to speak Thursday evening.

December gold GCZ5, -0.53%  tacked on $22.30, or 2%, to settle at $1,153.80 an ounce on Comex, after snapping a two-day losing streak Wednesday. The settlement was the highest since Aug. 21.

December silver SIZ5, -0.20% added 34.1 cents, or 2.3%, to end at $15.13 an ounce.

Gold and silver benefited “from a traditional ‘safe-haven’ trade with the stock market plunging” and the U.S. dollar down, said Jason Rotman, president of Lido Isle Advisors. He believes gold prices will approach $1,200 this year.

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