by Carl Surran
Gold prices (XAUUSD:CUR) jump more than 2%, bouncing from a five-month low in the last session, and silver (XAGUSD:CUR) surged more than 6%, helped by a sharp decline in the U.S. dollar.
February Comex gold closed +2.1% to $1,818.90/oz. in the largest single-session dollar and percentage gain for a most-active contract since Nov. 5, after closing Monday at $1,780.90, the lowest settlement since July 1, while March silver settled +6.6% at $24.09/oz., after falling 5.1% last month.
The yellow metal rebounded with a “little bargain shopping” that was a bit “like Black Friday/Cyber Monday in the gold sector,” but “it will take time to repair damage to gold from November… returning above $1,800 is first step before bulls can be in charge once again,” Jeff Wright, executive vice president of GoldMining Inc., tells MarketWatch.