Gold futures climbed Thursday morning to their highest level since mid-August, ready to extend their winning streak to three sessions as recent strength in oil prices and a dip in the value of the dollar helped lift prices for the precious metals past $660 an ounce.
Gold for February delivery climbed $7 to stand at $659 an ounce on the New York Mercantile Exchange. It rose as high as $661.50 earlier, an intraday level the contract hasn't seen since Aug. 11.
April gold was last up $8.40 to $666.30 after a high of $667, the contract's strongest intraday level since Aug. 9.
"As expected, gold has broken above key resistance at $650 and now appears to be making a beeline towards $700," said Peter Grandich, editor of the Grandich Letter.