Futures Pros – Gold futures advanced on Monday, rising to a 2-day high, after China refrained from raising its benchmark interest rate and amid ongoing concerns over the euro zone’s debt crisis. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD 1,391.55 a troy ounce during European morning trade, gaining 0.35%. It earlier rose to USD 1,393.65 a troy ounce, the highest price since December 9. Gold prices were boosted as China refrained from raising its benchmark interest rate after government data showed Saturday that China's consumer price index rose 5.1% in November, the fastest rise since July 2008. Meanwhile, a statement from top Chinese economic policy makers said the government would ensure “stable economic development” for the next year, following the conclusion of the annual Central Economic Work Conference on Sunday. Elsewhere, ongoing concerns over debt levels in peripheral euro zone nations continued to support gold prices after France and Germany rejected calls for an increase in the bloc's rescue fund and joint sovereign bonds on Friday. Global financial service provider Commerzbank said in a report on Friday that, “Gold should remain well supported at its current level as long as the debt crisis in euro zone peripherals continues to simmer and make gold look attractive as a safe-haven.” Meanwhile, silver for January delivery soared 1.79% to trade at a 4-day high of USD 29.21 a troy ounce during European morning trade, as investors sought a cheaper alternative to gold.

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