NEW YORK (TheStreet) -- It's been one of the biggest financial stories of the year and, now, the holiday season: Gold.
Apart from the fake foil stuff that dangles from Christmas tree branches, December may prove a banner month for the shiny yellow metal. (Of course, November also proved a banner month, with gold prices rising 14%, their sharpest monthly increase in a decade.) Already, on the first day of the last month of the fourth quarter, futures prices surmounted the $1,200-per-ounce level and looked to be going higher.
But by the end of trading Tuesday on the New York Mercantile Exchange's Comex division, the gold December contract retreated below that mark, settling at $1,199.10, up $18, or 1.5%, from the previous close. Gold for February delivery, the most heavily traded contract, settled at $1,200.2, up $17.90, after touching as high as $1,204 intraday.
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