Gold adds over $23 to end at a record above $1,585 ( GC1Q SI1U ) (by Myra P. Saefong)
SAN FRANCISCO (MarketWatch) -- Gold futures climbed $23.50 an ounce Wednesday to close at a record level, as global debt concerns and the potential for further U.S. stimulus lifted investment demand for the metal. Gold for August delivery (gc1q) rose 1.5% to finish at $1,585.50 an ounce on the Comex division of the New York Mercantile Exchange. Prices, which marked their highest nominal settlement price, have now tallied a gain of almost $103 in seven sessions. Federal Reserve Chairman Ben Bernanke's comments that the Fed is "actively considering further stimulus measures if needed, is giving gold a new life," said Sam Subramanian, editor of AlphaProfit Mutual Fund and ETF Newsletters. September silver (si1u) also gained $2.52, or 7.1%, to finish at $38.15 an ounce, its highest close since May 31.