Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed at a new record Tuesday after the Bank of Japan cut its official lending rate for the first time in nearly two years, fueling expectations of similar quantitative easing in the United States and further pressuring the U.S. dollar. Silver returned to a 30-year high, and copper closed at a 26-month high. Gold for December delivery closed up $23.50, or 1.8%, at $1,340.3 an ounce on the Comex division of the New York Mercantile Exchange. It hit an intraday high of $1,342.60 an ounce.

�Gold is rising as Johnny-come-lately people get into the market,� said Charles Nedoss, senior market strategist at Olympus Futures Inc. �People are starting to see gold as somewhat of a currency, particularly with the world flooded with cheap money,� he added. See full story.