Gold News & Info

Source: Marketwatch

San Francisco— Gold futures climbed $27 an ounce Tuesday to mark a record closing level as weak economic data from Europe weighed on global stock markets and sent investors scrambling for defensive plays. Gold for December delivery added $27, or 1.5%, to settle at $1,785 per ounce on the Comex division of the New York Mercantile Exchange. The previous closing record was $1,784.30 on Aug. 10. Earlier, prices reached a high of $1,789.80, which was still below Aug. 10�s intraday record of $1,801.

The Federal Reserve�s continued easing policy and Europe�s slowing economic growth offer �plenty of fuel for the fire to see gold go higher,� said Jeffrey Wright, senior analyst of metals and mining equity research at Global Hunter Securities, who has a six-month price target of $2,000. Gold very briefly pared gains to trade around $1,776 around noon Eastern, as leaders of Germany and France spoke about Europe�s debt crisis, then shot right back up toward the session�s highs. Markets are looking for �firm, decisive action� from both the U.S. and European leaders, added Wright. �If they don�t provide decisiveness, it�s going to create more uncertainty,� which benefits gold prices. See full story.