Daily Gold Update

Source: Marketwatch

New York— Gold futures rose nearly 1% Tuesday, propelled by crude oil's surge to a fresh record high and a decline in the U.S. dollar. Gold for June delivery gained $9.20 to $926.80 an ounce in midday trading on the New York Mercantile Exchange. On Monday, gold had edged up $2.40 to end at $917.60 an ounce. "Gold continues in a tight range between $910 and $930, but the path of least resistance looks to be to the upside, especially with oil [surging] on supply concerns," said Mark O'Byrne, executive director at Gold and Silver Investments Ltd., in a research note.

Crude-oil futures soared to a new high of $119.74 a barrel as lingering worries over oil-supply disruptions provided support for prices. Crude for May delivery, which expires today, gained more than $2 to touch the new record late morning on the Nymex. This surpassed the previous record of $118.05, seen overnight in electronic trading. See full story.