Daily Gold Update

Source: Marketwatch

New York— Gold ended higher Friday, regaining its status as the flight-to-quality investment of choice after stocks fell deeper into negative territory and the euro dipped to a four-year low. Gold for August delivery added $7.70, or 0.6%, to $1,217.70 an ounce on the Comex division of the New York Mercantile Exchange.

The comeback assured gold a 0.3% gain on the shortened holiday week and stopped a downward trend that had started Wednesday. Other metals settled lower, with copper leading losses as news from Europe and a disappointing jobs report in the U.S. sent stocks reeling and investors worrying about a short-lived recovery. Silver futures set a two-month low. "Sentiment out there is pretty bad, there's real fear," said Blake Robben, a senior market strategist with Lind-Waldock in Chicago. "Everyone is taking about a double-dip recession. And if you put Uncle Sam's books under the microscope, we could really get crushed." See full story.