Daily Gold Update

Source: MarketWatch

New York— Gold and other metals futures rallied Monday, getting a boost from soaring oil prices, weakness in the U.S. dollar and President-elect Barack Obama's pledge of a massive new infrastructure investment to buoy the U.S. economy. Gold for February delivery rose $17.10 to end at $769.30 an ounce on the New York Mercantile Exchange. Earlier, the contract hit an intraday high of $782.80 an ounce in electronic trading on Globex.

Gold joined a broad-based rally in commodities Monday. The Reuters/Jefferies CRB Index, a benchmark gauging the prices of major commodities, gained 5.2% to 219.36 points. Oil futures rallied 7%. "Metal prices are higher on account of a short-covering bounce from extremely oversold conditions and on positive sentiment emanating from weekend news that a deal with Detroit's automakers might be imminent," Edward Meir, an analyst at MF Global, said in a research note. See full story.