Daily Gold Update

Source: Marketwatch

New York— Gold, copper and other metals advanced on Monday, with copper futures bucking news of an interest-rate hike in China to reach a new record closing settlement. Gold recovered as the dollar headed back down to the lows of the day. A falling dollar tends to boost the interest in gold as a hedge. Copper for March delivery finished at record high of $4.280 a pound on the Comex division of the New York Mercantile Exchange, up 2 cents, or 0.5%, from the previous session. Copper also set a new intraday high at $4.2985 a pound.

�Give me a close above $4.30, and we�re going to $4.50 real quick,� said Rich Ilczyszyn, senior market strategist at Lind-Waldock in Chicago. Copper prices on Monday rose despite the People�s Bank of China increase on Saturday of its main one-year lending and deposit rates, both by a quarter of a percentage point. Meanwhile, gold for February delivery finished closed up $2.40, or 0.2%, at $1,382.90 an ounce. See full story.