Daily Gold Update

Source: Marketwatch

San Francisco— Gold and silver futures added to monthly gains with a rally Tuesday, helped by mounting worries over a spreading debt crisis in Europe and news Chinese authorities approved a fund to invest in gold overseas. Gold for February delivery, the most active contract, jumped $18.60, or 1.4%, to $1,386.10 an ounce on the Comex division of the New York Mercantile Exchange. That�s the highest settlement for a most-active gold contract since Nov. 11, when gold closed at $1,403.30 an ounce. Gold gained 2.1% in November. Gold settled at a record high of $1,410.10 an ounce Nov. 9.

Gold benefited from the safe-haven trade, rising to a record in euros, according to analysts, and shouldering a rise in the U.S. dollar. The euro tumbled and Spanish government bond yields soared as investors bet the European Union would have to bail out another member — or make some changes to the way it manages deficits. China�s securities regulator has given the green light to a mutual fund to invest in foreign exchange-traded funds backed by gold. See full story.