Gold News & Info

Source: Marketwatch

San Francisco— Gold futures climbed Friday to close near $710 an ounce, as an unexpected decline in nonfarm payrolls for August buoyed demand for the precious metal, setting prices up for a weekly gain of more than 4%. Against that backdrop, gold for December delivery rose $5.10, or 0.7%, to close at $709.70 an ounce on the New York Mercantile Exchange. It climbed as high as $716.50, the contract's strongest intraday level since April 20. The contract closed at $681.90 a week ago, so it's up $27.80, or 4.1%, for the week.

"Long-term investors are piling into gold, gold producers are buying back their hedges and the funds are going with the flow," said Julian Phillips, an analyst at GoldForecaster.com. "It looks like the seesaw has tipped in gold's favor." See full story.