Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures on Thursday surpassed $1,800 an ounce on their way to a record settlement as fears of a global economic slowdown gripped markets and the day�s full slate of macroeconomic reports gave the fears even more weight. Gold for December delivery added $27.70, or 1.5%, to trade at $1,821.40 on the Comex division of the New York Mercantile Exchange. It earlier traded as high as $1,829.70 an ounce, an intraday record for the metal.

�There�s so much talk about a double dip� for the U.S. economy, said James Cordier, a portfolio manager with Optionsellers.com in Florida. Investors who had tried to make it a go for stocks are now �piling into gold� as equities have swoon, he said. �It seems as though (gold) is the last safety net available,� Cordier said. Gold settled at a record $1,793.80 an ounce Wednesday. So far this month, gold has gained more than 10%, with yearly gains surpassing 26%. U.S. stocks slumped Thursday, and oil futures were down nearly 5%. See full story.