Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures rallied to a fresh record high Friday, settling less than $3 away from $1,400 an ounce a day after their biggest one-day gain in nearly 20 months. Gold for December delivery added $14.60, or 1.1%, to $1,397.70 an ounce on the Comex division of New York Mercantile Exchange. Silver and copper also hit historic high marks. The metal went from losses to a solid rally in under three hours of floor trading, and kept going even as other commodities and the stock market moderated their gains.

Gold rose 2.9% on the week, on the heels of a 2.5% gain in the prior week. Gold�s record run on Friday surpassed Thursday�s settlement record of $1,383.10 an ounce, notched a day after the U.S. Federal Reserve said it would buy an additional $600 billion in U.S. Treasurys to stimulate the economy. The metal got back into record-breaking mode Thursday. It had posted 17 record highs in little more than five weeks in September and October. See full story.