Gold News & Info

Source: Marketwatch

New York— Gold futures climbed to a closing record high on Friday as more investors jumped into bullion's bandwagon, eager to chase better returns and wary of riskier bets such as stocks. Gold for August delivery rose $9.60, or 0.8%, to settle at $1,258.30, surpassing Thursday's record close of $1,248.70 an ounce. "People are tired of their 0% T-bills, afraid of the stock market and afraid of the double-dip recession," said James Cordier, a portfolio manager at OptionSellers.com in Tampa, Fla. "People are pouring into gold even at this high level."

The contract hit a record intraday high of $1,263.70 an ounce in electronic trading, according to the CME, which owns Comex. On Thursday, the August contract gained 1.5% to the record settlement, which supplanted another high-mark closing achieved only last week, on June 8. Gold has gained 2.3% on the week, notching its fourth straight week of gains. So far this month, prices are 3.6% higher and on track to post its third straight month of gains following May's 2.9% and April's 5.9% advances, according to FactSet Research. See full story.