Gold Futures Surge to Near Record Closing High

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DG365FD46564GFH654FU898 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.