Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures ended at a record high Friday as the dollar weakened and investors continued to flock to the metal as a hedge against fears of inflation and currency weakness Silver tracked gold to settle at a fresh 30-year high, and copper finished at another multimonth high. Gold for December delivery settled $1.80 higher at $1,298.10 an ounce on the New York Mercantile Exchange, just $2 shy of the key psychological mark of $1,300 an ounce.

Gold has settled at a record high for six out of the past seven sessions, ending the week up 1.6%. The metal hit an intraday high of $1,301.60 an ounce earlier in the day. �The $1,300 was the line in the sand between bulls and bears,� said Adam Klopfenstein, a senior market strategist with Lind-Waldock in Chicago. A couple of settlements above $1,300 an ounce could turn that into support, but one of the few certainties of the gold market going forward is likely wild swings, he added. See full story.