Gold for December delivery settles $5.50 higher at $1,403.20 an ounce Monday as investors sought a safety net against volatile global currencies. The World Bank president also noted gold's role as an alternative currency.
Silver is also shining along with gold as a "cheaper" hard currency. Prices have rallied to 30-year highs settling up 68 cents to $27.43 while copper was flat at $3.95. Both metals were stronger after the Labor Department said Friday that 151,000 jobs were added in October, which was better than expected. The news along with strong corporate earnings have painted a modestly optimistic picture of a global economic recovery, which means more demand for industrial metals. Gold mining stocks, a risky but profitable way to buy gold, were rising Monday. Freeport McMoRan Copper & Gold ( FCX) was up 0.27% to $105.10 while Yamana Gold ( AUY) was 0.94% higher at $11.82. Other gold stocks New Gold ( NGD) and Gold Fields ( GFI) were trading at $8.70and $17.10, respectively.