Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures on Wednesday settled at their 14th record high in less than a month, on the back of a weaker dollar and continued fears about inflation and currency debasement. Investors flocked to gold but didn�t forget silver, which topped $23 an ounce to hit a fresh 30-year high, and palladium, which reached its highest settlement in more than nine years. Copper settled at its best in more than two years, and platinum finished at multimonth highs.

Gold for December delivery advanced $7.40, or 0.6%, to end at $1,347.70 an ounce on the Comex division of the New York Mercantile Exchange. The contract hit an intraday high of $1,351 an ounce earlier Wednesday. It gained $23.50 in New York trading to close at a record $1,340.30 on Tuesday. �Gold and other precious metals still appear to be on an unstoppable high run,� analysts at Commerzbank said in a note to clients Wednesday. �The present momentum suggests that prices will continue rising in the near term.� See full story.