Daily Gold Update

Source: MarketWatch

New York— Gold futures topped the key $1,000 mark for the first time in nearly a year on Friday, as global financial and economic worries boosted the safe-haven appeal of the precious metal. In recent action, gold for April delivery traded at $995.30 an ounce, up $19.50, or 2%, on the day. It earlier touched a high of $1,000.30. Stocks fell to fresh bear-market lows in early action on Wall Street, with the Dow Jones Industrial Average off more than 100 points, or 1.5%, at 7,357, and the broad S&P 500 index down 10 points, or 1.4%, at 768.

"There is a risk here of a panic sell-off in stock markets and the next leg down in the stock bear market looks imminent, as the ills of the global financial system virulently infect the global economy," said Mark O'Byrne, executive director at Gold and Silver Investments Limited, in a research note. "While gold has become overbought in the short term, its medium and long term fundamentals are as sound as ever," he said. See full story.