Gold Futures Surge to Near Record Closing High

Gold futures surged higher following the dismal U.S. jobs report on Friday,
with the COMEX December 2011 contract settling higher by $47.80, or 2.6%, at
$1,876.90 per ounce. In doing so, gold futures came within 0.8% of $1,881.90,
their all-time high on a closing basis reached on August 22. Furthermore, COMEX
gold futures posted a weekly gain of $79.60, or 4.4%. Following the COMEX close,
gold futures extended their gains in electronic trading to $1,887.40 per ounce.
Silver rallied alongside the yellow metal, with the COMEX September 2011 futures
contract advancing $1.85, or 4.5%, to $43.38 per ounce. While silver
outperformed the price of gold on Friday, it lagged the yellow metal on a weekly
basis as it rose $0.95, or 2.2%. Gold and silver equities surged alongside
precious metals on Friday, with the Philadelphia Gold & Silver Index (XAU)
jumping 1.3% to 222.10.