Daily Gold Update

Source: MarketWatch

New York— Gold futures rallied as much as $47 an ounce Friday and were poised to gain almost 2% for the week as bleak global economic news and losses on Wall Street combined to boost the metal's investment appeal. Gold for December delivery tapped a high of $752 an ounce, climbing as much as 6.7% overnight in electronic trading on Globex. It was last up 5.9%, or $41.50, at $746.50 an ounce, trading 1.7% higher for the week. Gold isn't a stranger to big daily climbs. The front-month futures contract made daily gains of more than $40 three times in September.

Also Friday, silver futures jumped 8%, platinum was up 4% and copper soared almost 6%. "On the heels of poor retail numbers, gold took off to the races," said Jon Nadler, senior analyst at Kitco Bullion Dealers. "Gold may or may not be factoring in additional rate cuts at this juncture, but the more likely explanation is that a U.S. hedge fund may have dipped some sizeable toes into the gold market's waters." See full story.