Daily Gold Update

Source: Marketwatch

New York— Gold futures finished higher Monday, getting a boost from rising oil prices and modest weakness of the U.S. dollar. Gold for August delivery rose $5.70 to end at $963.70 an ounce on the New York Mercantile Exchange. Earlier, gold hit an intraday high of $966.50 an ounce.

"I think the market was a bit oversold last week and it seems [that] for lack of a better trade today, gold seems to be catching a small bid," said Zachary Oxman, a senior trader at Wisdom Financial. On Friday, gold dropped $12.70 to end at $958 an ounce. It posted a weekly decline of $2.60. Crude futures rose Monday for the first time in five sessions, rebounding from last week's biggest weekly losses, after multilateral talks over Iran's controversial nuclear program didn't yield progress and as Tropical Storm Dolly headed toward the western Gulf of Mexico. See full story.