Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures on Friday had their biggest one-day jump in 12 weeks as news of increasingly violent protests in Egypt spurred safety buying. Gold for February delivery rose $22.30, or 1.7%, to $1,340.70 an ounce on the Comex division of the New York Mercantile Exchange. That was gold�s highest close since Monday, and the biggest one-day increase since Nov. 4. Friday�s soaring price saved the weekly tally for gold. The metal, which notched multimonth lows twice this week, ended the week flat.

The February contract had traded as low as $1,307.70 earlier, but garnered some support as traders weighed news that the U.S. economy sped up in the fourth quarter but consumer sentiment in January declined. The violent clashes in Egypt, however, galvanized the gold market by mid-session. �It�s in people�s faces and the situation seems to be worsening,� Bill O�Neill, a principal with Logic Advisors in New Jersey. See full story.