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Gold 1776.70, Silver 34.73
Hits Highest Price Since November 2011
Oct 01, 2012 By Matt Day

NEW YORK--Gold futures hit the highest price in 2012 on Monday, as the president of the Federal Reserve Bank of Chicago said the central bank's bond-buying program would likely continue through next year.

The most actively traded contract, for December delivery, recently traded up $16.70, or 0.9%, at $1,790.60 a troy ounce on the Comex division of the New York Mercantile Exchange. Futures rose as high as $1,794.40 a troy ounce, the highest intraday price since mid-November 2011.

Speaking on CNBC, Charles Evans said the Fed's new bond-buying program, announced last month, would likely extend through 2013. Such easy money programs can draw investors looking for a currency or inflation hedge into precious metals.

Much of gold's 5% gain in September came in anticipation of, and reaction to, the Fed's latest effort to boost the U.S. economy, traders say.

-Write to Matt Day at [e-mail]

(END) Dow Jones Newswires

10-01-12 0940ET

Copyright (c) 2012 Dow Jones & Company, Inc.


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