Gold News & Info

Source: Marketwatch

San Francisco— Gold futures rose for a fifth day on Monday to near $916 an ounce as the dollar fell against a basket of other major currencies, increasing attraction of the precious metal as an investment alternative. Gold futures for February delivery gained $11.30, or 1.3%, at $909 an ounce on the New York Mercantile Exchange in late morning trading. It had surged to an all-time high of $915.90 an ounce in electronic trading.

The dollar index, which tracks the value of the greenback against a basket of other major currencies, fell to as low as 75.36, the weakest in six weeks. Gold is denominated in dollars and tends to move up when the greenback falls. "We are picking up where we left on Friday, with metals generally stronger on the back of a weaker dollar and a firmer precious-metals market," said Edward Meir, an analyst at futures brokerage MF Global. "Given the dearth of data coming out of the U.S. today, we expect to see the steady tone continue." See full story.