NEW YORK (MarketWatch) -- Gold futures closed sharply higher Monday, extending their prior-session gains, boosted by softness in the dollar and general strength in the metals market.
Gold for August delivery closed up $7.70 at $662.50 an ounce on the New York Mercantile Exchange. Other metals prices also gained ground.
"Today's movements seem to be a buy into the metals and commodities in general," said Zachary Oxman, senior trader at Wisdom Financial.
A supply shortage and strike issues in base metals, such as London copper, are pushing the complex higher, he said.
"Gold is coming off of an oversold situation where most of the longs from early 2007 were liquidated, which is leading to a market that can be driven quickly either way as the trade re-approaches the market," Oxman said.
Crude-oil futures declined Monday, but traded above $72 a barrel, as traders locked in profits from recent gains.
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