Daily Gold Update

Source: MarketWatch

San Francisco— Gold futures pulled back from near a two-week high Monday but still closed more than $12 up as China's $586 billion economic-stimulus package helped fuel gains among most commodities. "The worst of the sell-off appears [to be] behind us as, even after the recent gains, we remain oversold and any further falls are likely to be short and shallow," said Mark O'Byrne, a director at Gold & Silver Investments Ltd. "Gold will likely surprise many by recovering its recent sharp losses as quickly as they were incurred, and we could see gold above $800 again well before the end of November," he said in emailed comments.

Gold for December delivery climbed $12.30, or 1.7%, to close at $746.50 an ounce on the Comex division of the New York Mercantile Exchange. It tapped a high of $768.90 in electronic trading on Globex, the strongest intraday level since Oct. 29. The benchmark gold contract gained 2.2% last week. See full story.