Daily Gold Update

Source: Marketwatch

New York— Gold futures rose to a record Thursday, but failed at their latest bid at $1,300 an ounce. Silver futures settled at a 30-year high for the second time this week. Copper and platinum finished at multimonth highs. Gold for December delivery added $4.20, or 0.3%, to $1,296.30 an ounce on the Comex division of the New York Mercantile Exchange.

�All the conditions that are driving gold are still in place,� including uncertainty about economic conditions, said Frank Lesh, an analyst and broker at FuturePath in Chicago. �Just that the implication that (monetary easing) may be out there supports gold,� Lesh said, referring to growing expectations the Federal Reserve will expand its extraordinary measures to stimulate the economy by buying bonds. Such so-called quantitative easing will reduce the value of the dollar over the longer term, and increase the chance of debilitating inflation. See full story.