Daily Gold Update

Source: Marketwatch

New York— Gold closed a winning week with a bang Friday, notching a fresh record and helping silver settle at its best in three decades. Gold for December delivery added $3.70 to $1,277.50 an ounce on the Comex division of the New York Mercantile Exchange. That supplants high marks reached Tuesday and Thursday. The contract hit an intraday high of $1,284.40 in electronic trading, but prices faltered after consumer-sentiment data clouded markets earlier in the day. Gold gained 2.5% this week, its fifth weekly advance in the past six weeks. The small dent Friday was mostly due to light profit-taking, analysts said.

�There�s nothing to imply that the gold rally has been reversed,� said Jim Steel, a metals analyst with HSBC in New York. Goldman Sachs said gold futures could reach $1,300 an ounce sooner than the investment bank expects if quantitative easing resumes. Quantitative easing, usually defined as a new round of monetary stimulus, �would likely accelerate the move to our 6-month price target and provide upside risk to our forecast,� analysts at Goldman said in a note to clients Friday. See full story.