Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures shook off early weakness to edge higher Friday as tanking U.S. stocks sent investors to gold�s perceived safety.losses spurred flight to the perceived safety of the metal. Gold for December delivery rose $2, or 0.1%, to finish at $1,859.50 an ounce on the Comex division of the New York Mercantile Exchange. On the week, gold lost 1%. The catalyst for stocks� dip was news that a European Central Bank member had resigned over disagreements with the bank�s bond-buying purchases.

In addition, fears that Europe�s sovereign-debt crisis is far from over flared again after reports German officials had readied a plan to help German banks meet their obligations should Greece fail to meet the terms of its bailout. Gold and stocks have been locked in a inverse relationship in recent months, said Michael K. Smith, with T&K Futures & Options in Florida. See full story.