Daily Gold Update

Source: Marketwatch

New York— Gold futures closed at record high Monday, climbing above $1,280 an ounce as investment demand for the precious metal showed no signs of abating. Silver turned lower, however, ending the trading day slightly under its best in 30 years, hit Friday. Gold for December delivery rose $3.30 to $1,280.80 an ounce on the Comex division of the New York Mercantile Exchange, losing some steam as the end of floor trading approached. It earlier hit an intraday high of $1,285.20 an ounce.

But that was enough for a record high. Gold hit a string of them last week and Monday�s settlement beat Friday�s then record close of $1,277.50 an ounce. Gold has been rallying regardless of what the stock market or the dollar have been doing, showing it has a �life of its own,� said James Cordier, a portfolio manager at OptionSellers.com in Florida. Silver�s gains are more fragile, he said. Silver has plenty of industrial uses as well as investment appeal, but its recent rally has come purely from investor demand, Cordier said. See full story.