Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed higher for a fourth session on Friday, earlier topping $900 an ounce for the first time ever, on speculation that the Federal Reserve will further cut its key interest rates to stave off economic recession, weakening the value of the dollar and increasing the appeal of gold as an investment haven. Gold for February delivery ended Friday' trading up $4.1, or 0.5%, at $897.7 an ounce on the New York Mercantile Exchange. It rose $6.5 to $900.1 an ounce in mid-morning trading. For the week, gold gained $32.

In a speech to a business group in Washington, Fed Chairman Ben Bernanke said: "In light of recent changes in the outlook for and the risks to growth, additional policy easing may be necessary." Further cuts could lower the value of the dollar and increase the attraction of dollar-denominated gold as an investment alternative. See full story.