By Steve Goldstein & Moming Zhou, MarketWatch NEW YORK (MarketWatch) -- Gold surged more than $20 an ounce Friday, set to end the week up about $80, as investors sought safety amid growing duress in the global financial system. Meanwhile, concerns about economic prospects around the world crushed copper futures, with the benchmark contract down more than 8% to the lowest in two and a half years. Copper is set to end the week down 18%. Gold for December delivery climbed $22, or 2.5%, to stand at $908.50 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal rose four out of five days this week, and is set to end the week up 9%. "The metal should continue to benefit from investor safe-haven demand," said James Moore, an analyst at TheBullionDesk.com. "With today being Friday, we could see gold extend those gains as investors try and factor some safe-haven protection ahead of the weekend." U.S. stock futures pointed to another sharp day of losses Friday as the frozen credit markets and lack of faith in the financial system continue to hammer stocks around the globe. Stocks plunged on Thursday, with the Dow Jones Industrial Average down 678 points. Worldwide stock markets also dropped on Friday, with the Nikkei 225 in Tokyo crushed to the tune of 9.6%. See Indications. "Many investors view gold as the only lifeboat in the stormy sea," said Peter Fertig, analyst at Dresdner Kleinwort. He also warned that gold may return to follow weak fundamentals if the storm in financial markets calms. In other metals markets, platinum for January delivery fell 2.5% to $1,017.50 an ounce, while December palladium lost 3.8% to $197 an ounce. December silver lost 3.7% to $11.43 an ounce. December copper slumped 8.1%to $2.21 a pound, the lowest since March, 2006. In spot trading, the London gold-fixing price -- used as a benchmark for gold for immediate delivery -- stood at $918 an ounce Friday morning, up $34.5 from Thursday afternoon.

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