Gold futures posts a gain of just over 2%

Gold futures climbed sharply on Wednesday, with prices up by just over 2% to settle at their highest in almost a week. Gold prices welcomed the Bank of England's "dramatic intervention that avoided an imminent gilts crash and sent global bond yields sharply lower," said Edward Moya, senior market analyst at OANDA. "This was somewhat expected and serves as a reminder that gold will do just fine once the global bond market selloff is truly over." December gold rose $33.80, or 2.1%, to settle at $1,670 an ounce on Comex. That's the highest most-active contract settlement since Sept. 22, FactSet data show.