Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold extended yesterday's rally, adding another 0.4% to close just over $1,212 as tumbling U.S. and global equities spurred safe-haven buying. The metal has now recouped 1.8% in the past two sessions.

The IMF cut its global growth forecast for the third time this year, warning of deeper weakness in the major Eurozone economies, Japan, and larger developing economies like Brazil. Separately, new data showed that industrial output fell 4% in Germany. The news comes one day after reports that factory orders also fell in Europe's biggest economy, by the most since 2009.

The Dow lost more than 1.3%, nearly 230 points, and the Global Dow fell nearly 0.7% on the softer data. The dollar fell for the second day while U.S. Treasuries climbed near a six-week high on flights to safety.

The other metals were mostly higher. Platinum jumped 1.1% while palladium surged 2.6% for its biggest one-day gain in six months, aided by a short-covering rally. Silver was the outlier, sliding 0.3%.

At the Comer close: December gold gained $5.10 to $1,212.40; December silver slid 7 cents to $17.18; October platinum $13.90 to $1,262.30; and December palladium surged $19.80 to $785.90.