Precious Metals Post Modest Gains, XAU Rises 1.3%

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Bars of silver
Silver fell 3.0% overnight to USD 31.71 an ounce alongside the entire commodities complex on the USD index gains and global economic worries

Gold and silver futures maintained the majority of their earlier gains on Monday afternoon amid widespread strength in the precious metals complex.

COMEX gold for February delivery – the most actively-traded contract – finished up by $8.90, or 0.5%, at $1,714.40 per ounce.  Silver futures fared slightly better, as the March COMEX contract ended higher by $0.25, or 0.7%, to $33.38 per ounce.

The moderate gains in precious metals coincided with slight weakness in the U.S. dollar, which fell by 0.2% against a composite of foreign currencies.

As for gold and silver stocks, the sector outperformed the metals by a noticeable margin on Monday.  The Philadelphia Gold & Silver Index (XAU) settled higher by 1.3% at 164.15.  The advance marked the XAU’s first three-session win streak in over a month – since November 5-8.

(Get rankings and price targets on every stock in the XAU at GoldAlert Pro – http://pro.goldalert.com)

Among widely-traded XAU components, Barrick Gold (ABX) climbed by 1.8% to $34.20 per share while Silver Wheaton (SLW) surged 2.5% to $36.64 per share.

While gold and silver rose modestly, platinum and palladium futures posted larger gains – each added 1% to $1,623.30 and $704.75 per ounce, respectively.

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