Gold Settled Up, Dollar Still Weak

Gold futures rose in price but ended below $450 on Wednesday, as dollar weakness supported prices near 16-1/4-year highs while dealers busily switched futures contracts before the Thanksgiving.

COMEX Benchmark December delivery gold rose $1.40 to $449.30 an ounce after trading from $447 to $449.50.

February contract gold settled up $1.30 at $451.50.

Volume was extremely heavy as traders transferred positions from December gold into February futures and, to a lesser extent, June gold, before next week's first notice day for metal delivery.