Daily Gold Update

Source: Marketwatch

New York— Futures in gold, copper and other metals rose on Wednesday, extending major gains notched in the previous session and sending silver near a record high. Investors are looking to futures in the metals as protection against economic and debt worries in the coming year. Gold for February delivery added $6.60 to $1,413.50 an ounce. On Tuesday, the precious metal jumped 1.6%, its biggest one-day gain since early November. Silver for March delivery rose to end at $30.70 an ounce, up from $30.32 on Tuesday and near its highest levels since 1980, according to news reports.

Palladium for March delivery gained $6.20 to $793.40 an ounce, touching its strongest level in nine years. Platinum for January delivery added $2.50 to end at $1,754.20 an ounce, the highest since early November. Some of the recent strength in metals can be attributed to weakness in the U.S. dollar, in which the commodities are denominated, but there is also demand, certainly for gold, from investors seeking a hedge against inflation risks and uncertainty in the global financial system, according to Kevin Norrish, managing director at Barclays Capital. See full story.