Daily Gold Update

Source: Marketwatch

New York— Gold futures rose modestly Friday, as a government report showed a slower pace of economic growth for the U.S. and as bottom fishers sought the precious metal at recently lowered prices. Copper stole the show, however, ending 12% higher for the month as concerns about a slowdown in the global recovery abated, the red metal's best month since April 2009. Gold lost 5% in July, its worst month since December.

Gold for December delivery, the most actively traded contract, added $12.70, or 1.1%, to $1,183.90 an ounce on the Comex division of the New York Mercantile Exchange. The front-month, thinly traded August contract also gained, up $13.30, or 1.1%, to $1,181.70 an ounce. Copper for September delivery added 2 cents, or 0.7%, to $3.31 a pound. September silver rose 39 cents, or 2.2%, to $18 an ounce. Gold's wobbly run in July have way to bargain hunters on Friday, said George Gero, vice president at RBC Capital Markets. Prospects that China's economic growth could bolster global inflation also pushed investors to snap up the metal, he added. See full story.