Daily Gold Update

Source: Marketwatch

New York— Gold futures closed with strong gains Monday, after rallying to a record high of $992 an ounce, as oil also touched new heights, propelled by the U.S. dollar's tumble and continuing investment flows into commodities. Gold for April delivery hit a record of $992 an ounce on the New York Mercantile Exchange. The contract finished up $9.20 at $984.20 an ounce. Oil futures also surged to a new high of $103.95 a barrel. The nominal level has already passed inflation-adjusted historical highs. Platinum futures also hit a record of $2,245.0 an ounce. Silver futures surged to their highest level since 1980.

"Technical strength, a weak dollar and a continued bid into commodities are spurring gold and oil higher," said Zachary Oxman, a senior trader at Wisdom Financial. "Long oil and long gold will be the trades of 2008," Oxman said. "The market is now worried about inflation, slowing consumer spending and the complete degradation of the dollar." See full story.