Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures were back in the saddle Tuesday, surging more than 2% to end at their highest level in a week as investors questioned the rebound for U.S. equities and had lingering concerns about the state of the global economy. Gold for December delivery rose $38.20, or 2.1%, to $1,829.80 an ounce on the Comex division of the New York Mercantile Exchange. �It all comes to disbelief the [Standard & Poor�s 500 Index] will hold up at 1,200,� said Charles Nedoss, a senior market strategist with Olympus Futures in Chicago. �There�s still a lot of uncertainty out there.� Stocks fell early Tuesday after a gauge of consumer confidence showed U.S. households much more pessimistic about the economy than expected.

Gold went on a wild ride last week, tumbling sharply after notching a record just pennies away from $1,900 an ounce on Aug. 22. The correction was a �healthy retracement,� said Scott Meyers, senior trading analyst with Pioneer Futures in New York. �The trend is up, and any dips are going to be met with very good buying support and buying volume,� he said. See full story.