Daily Gold Update

Source: Marketwatch

New York— Gold finished at another record on Wednesday, after tapping a new high near $1,120 an ounce, receiving a boost from upbeat Chinese economic data and continued expectations of globally loose money. Gold for December delivery finished at a record of $1,114.60, up $12.10, or 1%, on the day at the New York Mercantile Exchange. It earlier tapped an intraday record high of $1,119.20 on Globex. The thinly traded front-month November contract finished at $1,114 an ounce.

"As long as the U.S. dollar is trending down, the gold price is unlikely to soften meaningfully," wrote analysts at Commerzbank in a note to clients. "Price declines are currently viewed as a buying opportunity," they said. "This is true for speculative investors in particular." See full story.