Daily Gold Update

Source: MarketWatch

New York— Gold futures rallied Friday, with the benchmark contract surging to the highest in more than two months at one point, as investors sought safety amid unprecedented turmoil in the global financial system. Meanwhile, concerns about economic prospects pushed copper futures down 14% to the lowest in nearly three years, marking the largest daily percentage drop in 12 years. The metal is set to end the week down 20%.

Gold for December delivery surged to $936.30, the highest intraday level since July 28. It pared some of its gains in recent trading as the U.S. dollar rose. Gold was last up $14.50, or 1.6%, at $901 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal has risen three out of four days this week and, including Friday's gains, it is set to end the week up $70, or 8%. "The metal should continue to benefit from investor safe-haven demand," said James Moore, analyst at TheBullionDesk.com. "With today being Friday, we could see gold extend those gains as investors try and factor some safe-haven protection ahead of the weekend." See full story.