Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures staged a comeback Friday after wavering earlier in the session, on expectations the Fed will take steps to boost the U.S. economy that will weaken the dollar. Gold for December delivery added $13.10, or 1%, to $1,348.10 an ounce. It earlier hit an intraday high of $1,350.80 an ounce. Silver traded at a new 30-year high, while copper changed hands at its highest level since early July, 2008.

Gold wobbled at the opening and turned higher on news that the U.S. economy lost more jobs than expected in September. Shortly after, however, gold lost steam and traded lower. A weakening dollar and some technical moves brought gold back, said Charles Nedoss, a senior marketing strategist with Olympus Futures in Chicago. Gold tested Thursday�s lows but didn�t go any lower, which provided enough floor for prices to enable a rally on the weaker dollar, he said. See full story.