Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures gained more than 1% Thursday as a weaker U.S. dollar lured metal traders back to a market battered by a two-session loss of more than $31 an ounce. Gold for December delivery rose $16.10, or 1.2%, to settle at $1,353 an ounce on the Comex division of the New York Mercantile Exchange. Silver, for its turn, rallied more than 5% as a consultancy firm saw continued investment and industrial demand for the metal and prices breezing through $30 an ounce in 2011.

�We�re seeing some support off the weak dollar and renewed buying interest� after prices dropped, said Stephen Platt, an analyst with Archer Financial Services in Chicago. �The question is, is it just a retracement or the start of a new uptrend?� December gold settled at its lowest level in three weeks Wednesday in New York, having tallied a two-session loss of $31.60. See full story.