Gold News & Info

Source: Marketwatch

San Francisco— Gold futures rose Wednesday as the dollar declined, but gains were modest as the metal�s safe-haven appeal was tarnished by positive macroeconomic data from China, Europe, and the U.S. Gold for February delivery added $2.20, or 0.2%, to settle at $1,388.30 an ounce on the Comex division of the New York Mercantile Exchange. That was the highest close for a most-active gold contract in two weeks and also a third straight advance for the metal. Gold in euros has reached a fresh record high of �1,070 an ounce, analysts at Commerzbank said in a note to clients Wednesday. The U.S.gold markets were quieter, but investors would do well in expecting a new record for gold before long, said Scott Meyers, a senior trading analyst with MF Global�s Pioneer Futures division in New York.

�Prices are in the uptrend, and a significant uptrend at that,� he said. Gold is likely to go for the $1,400-an-ounce mark by the end of this week and likely top the record high of $1,410.10 an ounce, set Nov. 9, shortly, he added. �There�s an underlying feeling about this market that is still very, very bullish,� Meyers said. Earlier Wednesday, analysts at Goldman Sachs said gold futures are likely to peak in 2012 near $1,750 an ounce. �As we look toward 2012, we find it timely to reiterate our view that at current price levels gold remains a compelling trade, but not a long-term investment,� the analysts said. See full story.