Daily Gold Update

Source: MarketWatch

New York— Gold futures rose nearly 2% Tuesday, building on gains from the previous session. Gold surged 4% Monday, while global stock markets tumbled with the Dow Jones Industrial Average falling below the 10,000 mark for the first time since October 2004. U.S. stocks erased early gains Tuesday to trade mostly lower. Gold "should look to make further gains in the coming days as flight-to-safety demand increases," said James Moore, a precious metals analyst at TheBullionDesk.com.

Gold for December delivery rallied $15.80, or 1.8%, to end at $882 an ounce on the Comex division of the New York Mercantile Exchange. Gold has gained nearly $50 over the past two sessions. Investors are hoping to see coordinated action regarding interest rates involving the Federal Reserve and the European Central Bank to rescue the world financial market. "As the going got tougher, gold got going," said Jon Nadler, senior analyst at Kitco Bullion Dealers. "The metal once again faces a good opportunity to make an assault on the $900 to $925 range." See full story.