NEW YORK (MarketWatch) — Gold futures rallied Friday, as traders recognized the metal’s allure as a safe haven amid worsening credit market troubles that prompted a fresh injection of cash by several central banks.

“Suddenly, the world is realizing that gold is still a safe haven asset,” said James Moore, metals analyst at TheBullionDesk.com. “We’ve seen pretty substantial losses in equity markets.” “I think this is genuine safe-haven buying,” Moore said. Gold for December delivery rose $8.80 to close at $681.60 an ounce on the New York Mercantile Exchange. However, the contract posted a loss of $2.80 on the week.

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