Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures closed higher Monday, building off last week's gains to close near the $660 level as traders eyed movements in the U.S. dollar and continued to gauge inflation concerns and the likelihood of an interest-rate hike by the Federal Reserve.

Gold for August delivery climbed $1.20 to close at $659.90 an ounce on the New York Mercantile Exchange, marking its strongest closing level since June 7. The benchmark contract, which climbed as high as $662.50 during Monday's trading session, rose $2.80 an ounce last Friday to score a total gain of $8.40 for the week. See full story.