GOLD PRICE NEWS – The gold price surged higher on Monday amid a sell-off in the U.S. dollar and a broad-based rally on Wall Street. The spot price of gold climbed by as much as $22.98, or 1.3%, to $1,735.48 per ounce in morning trading.

In doing so, the gold price returned to positive territory on a monthly basis, by 0.8%, and extended its year-to-date gain to 11.0%. As for the dollar, which last week reached its highest level since early September, this morning it declined by 0.5% against a composite of the world’s most-traded currencies.

Silver headed north in conjunction with the price of gold, by as much as $0.84, or 2.6%, to $33.09 per ounce. With today’s move higher, silver hit its best level since October 18th. Furthermore, gold’s sister precious metal stretched its gains in November and this year to 2.5% and 19.4%, respectively.

(For analysis and forecasts on gold and silver prices, visit GoldAlert Pro at

Gold stocks advanced on the back of the rally in gold prices and the broader equity markets, as the Market Vectors Gold Miners ETF (GDX) added $1.30, or 2.8%, to $47.77 per share. The sector substantially outperformed the benchmark U.S. indices, which nonetheless posted strong gains. The Dow Jones Industrial Average climbed by 152.03 points, or 1.2%, to 12,740.34 and the S&P 500 Index by 19.95 points, or 1.5%, to 1,379.83.

Notable gold stocks in the black included Agnico-Eagle Mines (AEM), Eldorado Gold (EGO), and Newmont Mining (NEM). Shares of AEM rose by 5.1% to $54.79, EGO by 3.9% to $14.65, and NEM by 1.2% to $46.68 per share.

Despite today’s strength in precious metals, the price of gold remains near the mid-point of the $1,675-$1,800 range it has occupied over the past three months. The yellow metal has been buoyed by the Federal Reserve’s decision to launch an open-ended third-round of quantitative easing (QE3) as well as ultra-accommodative monetary policies in Europe and Japan. However, gold prices have faced headwinds in the form of a firmer dollar amid ongoing sovereign debt concerns in Europe and the looming fiscal cliff situation in the U.S.

Looking to the coming week, while the U.S. economic calendar is relatively light due to the Thanksgiving holiday, there are a few key reports likely to influence the gold price. This morning, the price of gold was undeterred by the Existing Home Sales data for October – which came in at 4.79 million on a seasonally-adjusted basis, above the 4.75 million consensus estimate among economists. Tuesday’s schedule includes data on Housing Starts and Building Permits for October, followed by Weekly Jobless Claims, University of Michigan Consumer Sentiment, and Leading Indicators on Wednesday.

Copyright Gold Alert All rights reserved.