By Laura Mandaro
SAN FRANCISCO (MarketWatch) — Gold and silver futures rallied to a one-month high Tuesday as expectations about Europe’s debt-crisis plans gave investors enough reasons to buy, triggering further gains as the December gold contract broke out of a recent trading range. Gold for December delivery /quotes/zigman/661658 GC1Z +0.81% ended up $48.10, or 2.9%, at $1,700.40 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest for a most-active contract since Sept. 22. The contract had been bumping up against a ceiling of about $1,683 since then. “Gold has kind of been like a sleeping giant for the last month or so,” said Richard Ross, chief technical strategist at Auerbach Grayson & Co. Once prices intraday moved above that level, people realized a new short-term floor had likely been established, he said. December silver /quotes/zigman/663010 SI1Z +0.98% rose 4.5% to $33.05 an ounce. The dollar rose and stocks fell.
