Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures finished at a record high Friday to score a gain of 3.2% for the week, as lingering concerns over the potential for U.S. and euro-zone debt defaults helped prices tally a nine-session gain of nearly $108 an ounce. Gold for August delivery rose 80 cents to close at $1,590.10 an ounce on the Comex division of the New York Mercantile Exchange. Prices, which have climbed $107.50 since they closed at $1,482.60 on July 1, marked a fresh record settlement price.

Gold has hit a string of record high levels this week, as the possibility of more stimulus being pumped into the U.S. economy and global debt worries supported buying. Prices, however, remain well below the previous record high for gold in real terms of around $2,400 on Jan. 18, 1980, according to a research note from Capital Economics. �All of the underlying factors are simply continuing to work in favor of gold,� said Brien Lundin, editor of Gold Newsletter. �It�s enjoying the status as an asset of choice in either a �risk on� or �risk off� environment.� See full story.