Metals Stocks: Gold futures post biggest one-day gain since 2020 to top $1,800 an ounce

by | Dec 1, 2022 | Stock Market

Gold futures posted their largest one-day gain in more than two years on Thursday to settled above $1,800 an ounce for the first time in nearly four months. Prices for the precious metal got a boost as the U.S. dollar and Treasury yields extended a retreat following remarks a day earlier by Federal Reserve Chairman Jerome Powell indicating policy makers would likely deliver a smaller interest rate increase this month.

Price action
Gold for February delivery
GC00,
+3.27%

GCG23,
+3.27%
rose $55.30, or 3.1%, to settle at $1,815.20 an ounce on Comex. Most-active gold futures saw their biggest one-day point and percentage gain since April 2020 and settled at their highest since Aug. 12, according to Dow Jones Market Data. Prices had already marked a November gain of more than 7%

March silver
SIH23,
+5.46%
rose $1.06, or 4.9%, to $22.841 an ounce, after posting a monthly rise of nearly 14%.

January platinum
PLF23,
+1.58%
was up 1.5% at $1,054.90 an ounce, while March palladium
PAH23,
+4.50%
rose 4.3% to $1,946.30 an ounce.

March copper
HGH23,
+1.55%
rose 2.1% to $3.8175 a pound.

Market drivers Federal Reserve Chairman Jerome Powell indicated Wednesday the central bank may decide to raise interest …

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