Daily Gold Update

Source: MarketWatch

New York— Gold futures surged Friday, briefly topping $800 an ounce for the first time in more than a month, as wary investors returned to the safety of the precious metal. Gold for December delivery rallied $43.10, or 5.8%, to end at $791.80 an ounce on the Comex division of the New York Mercantile Exchange. It jumped 7.1% to $801.90 earlier, rising to above $800 for the first time since Oct. 16. The benchmark contract ended the week up 6.6%, the biggest weekly percentage gain since the week ended Sept. 19. The metal topped $900 an ounce in September after the collapse of Lehman Brothers, and then fell into roller-coaster dives that sent it below the $700 mark in October, as banks and funds liquidated their precious-metal assets for much-needed cash in the face of the credit crunch.

Recent gains in gold indicate that investment interests may have returned, analysts said. "The metal benefited from the return of safe-haven investment demand," said James Moore, a precious metal's analyst at TheBullionDesk.com. See full story.