Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures gained Friday as Wall Street brimmed with optimism following news that U.S. consumers spent more than expected in September, while a previous-session price dip in the metal served as an enticement for investors to come off the sidelines. Gold for December delivery GC1Z +0.83% added $14.50, or 0.9%, to settle at $1,683 an ounce on the Comex division of the New York Mercantile Exchange. On the week, gold gained 2.9%. The gains come on the heels of 0.8% gain last week, which had snapped a four-week losing streak for the metal. Gold tracked other commodities and other assets, adding to gains after the U.S. retail-sales data.

�The bulls are in control when it comes to gold,� said Matt Zeman, senior market strategist with Kingsview Financial in Chicago. The recent bouts of volatility due to an �overbought� market appeared to be over, he said. �The market is trading a lot more rationally now.� Gold is likely to remain supported as the sovereign-debt crisis in Europe, despite recent signs of optimism, remains far from over, he added. See full story.