Gold posts record gain

Gold posts record gain Gold prices posted their biggest one-day jump ever Wednesday, as jitters over the health of the financial sector sent stocks tumbling and the dollar weakened Gold for December delivery was up $70, or 9%, to settle at $850.50 an ounce. The gain surpassed the previous mark, $64, set Jan. 29, 1980, during a period of surging inflation. “People are losing confidence in the financial sector," said Peter Spina, president of goldseek.com, a gold trading analysis Web site. "You look around you, where are you going to put your money? Gold is safety." The commodity is often seen as a hedge against inflation and a safer bet in the wake of the financial crisis roiling Wall Street.