Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures rallied as Friday�s floor trading session drew to a close, gaining more than $15 as expectations ran high that the Federal Reserve next week will roll out another round of quantitative easing, which would weigh on the dollar. Gold for December delivery added $15.10, or 1.1%, to $1.357.60 an ounce on the Comex division of the New York Mercantile Exchange. Silver settled at a fresh 30-year high.

Gold rose 2.5% this week, rebounding from losses of 3.4% the previous week. Gains for the month hit 3.7%, which follows a jump of almost 5% in September and 5.6% in August. The metal last rose to a record on Oct. 14, closing at $1,377.60 an ounce then. Gold had wavered early in Friday�s New York floor session, but resumed its climb after reports showed the Reuters/University of Michigan consumer-sentiment index falling to 67.7 in October from 68.2 the previous month. See full story.