Gold futures soared Monday, reclaiming the $1,200 level for the first time since late October.The increase in the yellow, precious metal, viewed as a haven asset, was spurred, in part, by a downgrade of Japan’s sovereign debt rating and a retreat in the dollar.
Gold for February delivery GCG5, -1.03% jumped $42.60, or 3.6%, to settle at $1,218.10 an ounce. The last time the precious metal closed above $1,200 was on Oct. 29. Meanwhile, March silver SIH5, -2.20% surged $1.14, or 7.3%, to $16.69 an ounce.
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