Daily Gold Update

Source: MarketWatch

New York— Gold futures rose Monday, boosted by a surge in crude-oil prices, while platinum soared to a new record high on prospects for declining output in South Africa, the world's biggest platinum producer. Gold for April delivery gained $4.40 to end at $926.70 an ounce on the New York Mercantile Exchange. On Friday, gold prices surged $12.30 to $922.30 an ounce.

"Dollar weakness was initially driving the strength, but then this amazing $3 plus spike came into crude oil and ran the gold markets higher," said Zachary Oxman, a senior trader at Wisdom Financial. "The dollar sold off and gold caught a commodity-wide bid to the upside." Crude strength is the main driver of gold prices, Oxman said. Crude-oil futures rose sharply, boosted by Venezuelan President Hugo Chavez's threat over the weekend to cut off oil supplies to the U.S. in retaliation for Exxon Mobil Corp.'s legal action to freeze Venezuela's assets. See full story.