Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures rallied to a six-week high Thursday as the metal ran higher with other commodities and also got some safe-haven flow from mixed U.S. economic data and uncertainty surrounding the euro zone. Gold for December delivery gained $35.50, or 2.1%, to settle at $1,765.10 an ounce on the Comex division of the New York Mercantile Exchange. That was gold�s highest settlement since Sept. 21. The political troubles of Greece�s Prime Minister George Papandreou mounted on Thursday after Greece�s finance minister publicly opposed a plan to tie a referendum to the nation�s membership in the euro zone. Papandreou has called off the referendum, according to news reports.

The premier�s bombshell announcement on Monday calling for a popular vote on the latest bailout and austerity deal with the European Union has caused turbulence in global financial markets. Read more about disagreement over the referendum For gold, a move back to the $1,800 level �seems likely � possibly in November,� analysts at GoldCore said in a note Thursday. They cited �the scale of the European and global debt crisis, the slowing U.S. and global economy and heightened macroeconomic, monetary and systemic risk� as factors behind any upside gains for the precious metal. See full story.