Daily Gold Update

Source: MarketWatch

New York— Gold futures ended Wednesday's volatile session up slightly, with investors watching developments on the proposed $700 billion plan to bail out the ailing U.S. financial system. Gold for December delivery closed up $3.80, or 0.4%, to $895 an ounce on the Comex division of the New York Mercantile Exchange. Earlier it fell to $890.40 but also rose to an intraday high of $907.80. Investors were paying close attention to the second day of congressional testimony by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke on the government's $700 billion plan.

"Gold prices are experiencing a great deal of volatility, mirroring the volatility of the financial markets at present," said Sam Kirtley, editor of Gold-Prices.biz. "Gold rises in times of significant economic concern," he added. "So gold is telling investors what the U.S. government is not: This crisis is very serious and will not be going away anytime soon." See full story.