Daily Gold Update

Source:MarketWatch

New York— Gold futures climbed above $900 an ounce on Monday as the U.S. dollar weakened following an upbeat U.S. home-sales report, boosting the metal's investment appeal. The greenback fell against most of its major rivals as investors opted for higher-yielding, riskier currencies after data showed the U.S. housing markets improved. Meanwhile, copper futures rose for a fourth straight session on continued declines in inventories.

June gold climbed for the first time in three sessions, up $14, or 1.6%, to end at $902.20 an ounce on the Comex division of the New York Mercantile Exchange. The metal had lost 3.7% in April and nearly 3% last week. "A lower dollar helped the yellow metal recover some lost value," said Jon Nadler, senior analyst at Kitco Metals Inc. Investors were also awaiting banks' stress-test results due out on Thursday, he added. The U.S. pending home-sales index rose 3.2% compared with February and was up 1.1% compared with a year earlier, the National Association of Realtors reported Monday. See full story.