Daily Gold Update

Source: Marketwatch

New York— Gold futures on Friday ended tantalizingly close to a fresh record, as the precious metal continued to benefit from strong investor demand and jitters ahead of a gathering of world leaders. Gold for August delivery added $10.30, or 0.8%, to settle at $1,256.20 an ounce on the Comex division of the New York Mercantile Exchange. The contract hit an intraday record of $1,259.50 an ounce, giving investors hope gold was on track to surpass last Friday's record close of $1,258.30 an ounce.

It was not to be. Gold lost steam in the last minutes of trading, ending the week at a 0.2% loss after four consecutive weekly gains. Bullion's run, however, pushed silver 2% higher and copper to a 3% gain. "Every sell-off for gold has been bought, every support level has held," said Adam Klopfenstein, a senior market strategist with Lind-Waldock in Chicago. "We're still gravitating towards safe-haven" buying, he added. Investors have grappled with the week's rising costs to insure Greek debt and uncertainty ahead of the weekend Group of 20 nations' meeting in Canada, when leaders could announce austerity measures of stimulus packages to address concerns about the pace of the global recovery. See full story.