Daily Gold Update

Source: Marketwatch

San Francisco— Gold cast off initial weakness to settle at a fresh record high above $1,300 an ounce Tuesday, thanks to a weaker dollar and the worst reading on U.S. consumer confidence in seven months. It was quite a comeback for gold, which started the day in the red but managed to finish above the key psychological mark of $1,300 an ounce. Copper settled at its best in 26 months and silver returned comfortably to a 30-year high. Gold for December delivery rose $9.70, or 0.8%, to $1,308.30 an ounce on the Comex division of the New York Mercantile Exchange.

Bullion gathered steam as the floor trading day drew to a close. It had been tantalizingly close to settle above $1,300 in the previous two sessions. Gold has rallied to record highs for eight out of the past nine sessions. With the dollar down, �you basically threw gasoline in a fire,� said Richard Ross, a technical analyst at Auerbach & Grayson in New York. See full story.