Daily Gold Update

Source: Marketwatch

New York— Gold futures rose Tuesday, pushing August gains past 5%, and silver hit a three-month high as investors sought out both metals to protect against signs the economic recovery is faltering. Gold for December delivery added $11.10, or 0.9%, to $1,250.30 an ounce on the Comex division of the New York Mercantile Exchange. It closed less than 1% from bullion's record high of $1,258.30 an ounce on June 18.

Gold rallied 5.6% in August. That compares to a decrease of 5% in July and is gold's largest advance since April. Silver for December delivery added 36 cents, or 1.9%, to $19.43 an ounce. That's silver's highest close since mid-May. Silver has gained nearly 8% in August. Gold held onto gains earlier in the session after S&P's Case-Shiller home price index showed prices have risen over the past three months and moved up 4.2% in the past year. See full story.