Gold News & Info

Source: Marketwatch

New York— Gold futures gained more than 1% on Monday, as soothed nerves over European debt woes pressured the dollar, lifting gold's appeal as a hedge. Gold for April delivery rose $13.40, or 1.3%, to finish at $1,066.20 an ounce at the New York Mercantile Exchange. It earlier rose to an intraday high of $1,074.30 an ounce. The move marked a rebound after gold lost more than $65 an ounce during a three-session losing streak.

"We're seeing a normal consolidation after last week's big sell-off but it lacked any kind of fire," said Bill O'Neil, managing partner at commodities brokerage Logic Investment Services. Gold over the past year has shown strong correlations with equities, rising alongside gains in stocks and other commodities, and moving inversely to the U.S. dollar. Martin Hennecke, an associate director at Tyche Group Ltd. in Hong Kong said demand for gold could rise as investors find out that U.S. and German bonds are not safe havens from Greek, Portuguese and Spanish bonds. See full story.