Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures surged Thursday following European central-bank policy decisions that showed a sharp contrast with those of the Federal Reserve, whose new $600 billion quantitative easing program helped drive down the U.S. dollar. December gold surged $40, or nearly 3%, to $1,377.80 an ounce on the New York Mercantile Exchange. The contract had closed Wednesday in New York down $19.30, for a loss of 1.4%. See Wednesday�s metals column.

Silver rallied $1.08, or 4.4%, to $25.53 an ounce. Copper gained 3.1% to $3.90 a pound. Gold had gained in Asian electronic trading and then vaulted higher as New York floor trade opened. Early Thursday, the European Central Bank and the Bank of England kept monetary policy unchanged and refrained from taking any additional measures. See full story.