Daily Gold Update

Source:Marketwatch

New York— Gold futures closed more than $16 an ounce higher Monday to mark two winning sessions in a row, as crude-oil prices climbed to a fresh record. Gold for June delivery closed at $874.10 an ounce on the New York Mercantile Exchange, up $16.10, or 1.9%. It climbed as high as $874.70 during the trading session. "I'd watch for dollar and energies to continue to direct moves in gold," said Zachary Oxman, a senior trader at Wisdom Financial, in emailed comments.

June crude rose past $120 a barrel in New York to touch a new record, propelled by oil supply disruptions in Nigeria. And on the currency markets, the U.S. dollar weakened even after a report from the Institute for Supply Management showed that nonmanufacturing sectors of the U.S. economy expanded during April after three months of contraction. The ISM nonmanufacturing index rose to 52.0% from 49.6% in March. The increase was unexpected. Economists were looking the index to inch lower to 49.4%. See full story.