ORIONS Money Stocks

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Gold settles at highest level in 5 months

Gold for February delivery GCG5, +0.15% settled up $17.30, or 1.4%, at $1,294.20 an ounce, on the New York Mercantile Exchange. That’s the highest settlement for gold since Aug. 19. The seven-day rally has resulted in a 7.1% rise in gold prices.

In January, gold is up 9.3%. That follows depressed prices toward the end of 2014 due to year-end tax-loss selling, so part of the recovery is due to bargain hunting, according to Brien Lundin, editor of Gold Newsletter. “Like a spring, it’s only natural for the price to rebound once the selling pressure abates,” Lundin said in emailed comments.