Daily Gold Update

Source: Marketwatch

New York— Gold futures on Thursday closed less than half a percentage point away from their record high, resuming their climb as investors continued to use the metal as a means of safeguarding wealth. Gold for December delivery added $5.30, or 0.4%, to $1,253.40 an ounce on the Comex division of the New York Mercantile Exchange. That's 0.4% away from the June 18 record high of $1,258.30 an ounce, and a fresh two-month high for the metal. Silver hit a multiyear high on Thursday, riding the coattails of gold, and copper settled at a four-month high after encouraging housing numbers.

"Gold is continuing its slow and steady advance," said Frank Lesh, a broker with FuturePath Trading in Chicago. "There's still a need for safety, for something that will maintain its value in these uncertain times." That gold has moved upward in an orderly fashion makes the recent rally even more important, Lesh said. "We tend to hold value when we do that." Gold gained 5% in August, making up for July's losses. It was off modestly Wednesday, but more nuanced macroeconomic reports Thursday gave it the push it needed to resume its climb. See full story.