Daily Gold Update

Source: Marketwatch

New York— Gold futures settled at a record high Thursday as investors sought to protect their wealth, and silver rose to a fresh 30-month high, rallying as a cheaper alternative to bullion. Gold for December delivery rose $5.10, or 0.4%, to $1,273.80 an ounce on the Comex division of the New York Mercantile Exchange. It handily surpassed Tuesday�s settlement price of $1,271.70 an ounce, which was the standing record. �The overall theme I keep hearing is general investor confusion,� said Matt Zeman, a senior strategist at LaSalle Futures Group in Chicago. �People are reluctant to pour money into equities, and (bond) yields are nil so people see gold as an opportunity.�

December silver added 20 cents, or 1%, to $20.77 an ounce. That marked silver�s highest finish since early March 2008 and hovered close to the metal�s highest price since the 1980s. Silver was riding the coattails of gold�s success and benefitting from being a cheaper alternative to bullion. In addition, Despite uncertainty surrounding the recovery and concerns about the economy, �there�s still economic expansion,� said Carlos Sanchez, at commodities consulting firm CPM Group. in New York. �There�s decent amount of industrial demand for silver.� See full story.