Daily Gold Update

Source: Marketwatch

New York— Gold futures soared to new record Wednesday, fueled by fears of deflation after the Federal Reserve signaled it may inject more cash into the financial system to support the U.S. recovery. Silver hit a 30-year high as precious and base metals were further aided by a weaker dollar. Copper hit a five-month high, while platinum reached its best in four months. The U.S. currency came under heavy selling pressure in the wake of the Fed�s latest policy announcement on Tuesday. See more on the euro�s latest gains against the U.S. dollar.

Gold for December delivery added $17.80, or 1.4%, to settle at $1,292.10 an ounce on the Comex division of the New York Mercantile Exchange. The contract earlier hit an intraday high of $1,298 an ounce. Silver for December delivery advanced 42 cents, or 2%, to $21.06 an ounce. Silver hit a nominal record high of $50.35 an ounce on Jan. 18, 1980. �A new day, a new record high � that essentially describes the situation on the gold market at the moment,� Commerzbank wrote in a note to clients. See full story.