Gold News & Info

Source: Marketwatch

San Francisco— Gold futures closed 1.9% higher Friday as Federal Reserve Chairman Ben Bernanke put off any discussion of economic easing measures until a policy meeting in late September while offering a more optimistic view of the U.S. economy. Gold for December delivery gained $34.10 to settle at $1,797.30 an ounce on the Comex division of the New York Mercantile Exchange. For the week, gold declined 3%. The week included a two-day correction that at its peak shaved nearly $200 off the price of an ounce of gold, which hit a record on Monday a few bucks shy of the $1,900 mark. Read about why the increase in volatility was good for gold.

Gold had traded as high as $1,809.70 an ounce shortly before the session�s settlement. In electronic trading on Globex late Friday immediately after the close of the regular session, prices rose another $12.50. �Gold�s lows this week were less than 7% off its all-time highs, not much of a drop,� said Steven Evanson, chief executive officer at Evanson Asset Management. The Dow Jones Industrial Average is trading over 12% off its recent highs and over 20% below its late 2007 highs, he said, so �if gold were a stock, its 7% decline this week [from the all-time highs to the week�s lows] would hardly be noticed.� See full story.