Daily Gold Update

Source: Marketwatch

San Francisco— Gold and silver futures rose Monday as another round of worries about the euro-zone crisis helped shift more market attention into safe-haven investments. Gold for December delivery rose $35.40, or 2.2%, to settle at $1,657.70 an ounce on the Comex division of the New York Mercantile Exchange. After steep losses for gold last week, the metal�s rebound started on Friday as U.S. stock indexes hit new lows, said Adam Klopfenstein, a senior market strategist with MF Global in Chicago. And Wall Street�s main stock averages fell sharply on Monday too, with the Dow Jones Industrial Average closing down 2.3%.

With equities not falling off a cliff, �flight-to-quality (buying) is back on for gold,� with investors once again looking at the metal to diversify their holdings, he added. During the recent selloff, investors felt the pressure of margin calls on other investments and rushed for cash, precipitating a fall for gold and other commodities. Gold ended the previous session up 0.3%. It �gathered steam as no new good news� emerged from the euro zone, said George Gero with RBC Wealth Management in e-mailed comments. See full story.