Daily Gold Update

Source:Marketwatch

New York— Gold ended higher Friday, resuming its march upward as investors continued to be spooked by a potential European debt crisis, with silver riding on its coattails and vaulting more than 5%. Gold for June delivery, the most active contract, settled $13.10 higher, or 1.1%, at $1,210.40 an ounce, a five-month high for the metal and closing in on its Dec. 3 all-time settlement record of $1,217.40 an ounce.

"The only place traders feel comfortable parking their money for the weekend is gold," said Adam Klopfenstein, a trader and senior market strategist at Lind-Waldock in Chicago. "Gold is going to be the reserve currency of choice until the next shoe drops" in Europe, he added. Fears that Europe's potential debt crisis boiled over this week, and gold futures have gained 2.5% since last Friday. See full story.