Daily Gold Update

Source: Marketwatch

San Francisco— Gold surged to a record Monday, finishing just below $1,900 an ounce amid ongoing concerns about the health of the global economy and talks U.S. officials may offer a fresh round of economic stimulus. Federal Reserve Chairman Ben Bernanke is set to discuss his economic outlook Friday at the annual gathering of central bankers in Jackson Hole, Wyo. Read preview of Bernanke�s speech at Jackson Hole. �Investors� concerns about the validity and efficacy of the U.S. debt deal, uncertainty about further deficit reduction suggestions … continued dollar weakness and the worsening of the European debt crisis all appear to have helped push gold even higher,� said analysts at Wells Fargo in a research note. �While gold appears to be getting a bit frothy, its ascent is justified by the fundamentals.�

Gold for December delivery advanced $39.70, or 2.1%, to settle at $1,891.90 an ounce on the Comex division of the New York Mercantile Exchange. The metal has ended higher for the sixth session and has settled at a record for five of the past six trading days. It traded as high as $1,899.40 an ounce, an intraday record for the metal � and pennies away from the $1,900 level. See full story.