Gold settles higher, rebounds on easing outlook

Gold futures rallied to end in the black Friday, but stopped $2.40 short of a fresh record after wavering in the early part of the session.

Expectations the Fed will take steps to boost the U.S. economy weighed negatively on the dollar, providing support for gold.

Gold for December delivery added $10.30, or 0.8%, to $1,345.30 an ounce. It earlier hit an intraday high of $1,350.80 an ounce.

That’s a 2.1% weekly increase for gold, a fourth consecutive weekly gain for bullion.

Silver settled at a new 30-year high, while copper changed hands at its highest level since July, 2008.

Read Full Article from MarketWatch

- Posted: 2010-10-08 20:22:31

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