Daily Gold Update

Source: Bill Musgrave, American Gold Exchange

Austin— Gold surged 2% to close at a one-month high near $1,154 as worries about slower global growth undermined stocks and spurred demand for safe havens.

Equities worldwide fell toward a two-year low, with the Global Dow losing almost 1% and the Dow nearly 0.5%, as investors continued to shun risk assets. Government bond gained along with gold as U.S. Treasury's rose by the most in a month and 10-year German bunds rallied 1.7%.

The dollar fell against major rivals following reports that U.S. order for durable goods fell in August for the first time in three months, signaling a pullback in demand for major factory goods like care, airplanes, and military equipment. First-time jobless claims crept up last week but remain consistent with a healthy labor market.

The other precious metals also rallied, with silver rising 2.3% while platinum and palladium jumped 2.3% and 1.7%, respectively.

At the Comex close: December gold surged $22.30 to $1,153.80; December silver rose 34 cents, to $15.13; October platinum jumped $23.40 to $955.80; and December added $10.75, to $656.45 an ounce.