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Gold rises, bucking lower crude, rising dollar

Last Update: 9:34 AM ET Apr 9, 2007


NEW YORK (MarketWatch) -- Gold futures rose Monday, as traders shrugged off weakness in crude-oil prices and strength in the U.S. dollar.

Gold for June delivery gained 50 cents at $679.90 an ounce on the New York Mercantile Exchange.
With economic data lacking until the latter half of the week, "gold will have to find its bearing on internal market conditions and show strength or weakness based mainly on the appetite of physical buyers and the gut feelings of speculative institutionals," said Jon Nadler, analyst at Kitco Bullion Dealers.

The dollar hovered around a six-week high against the yen and traded fractionally higher versus the euro early Monday. Reactions to March nonfarm payrolls growth again colored trading.

Crude futures fell early Monday, as traders continued to unwind the risk premium built into prices during the 13-day standoff between the U.K. and Iran over the capture of 15 British naval personnel, who were finally released last week.
Crude for May delivery dropped 60 cents at $63.68 a barrel in electronic trading.

Other metals prices were mixed. May silver rose 4 cents at $13.780 an ounce and May copper rose 5 cents at $3.4275 a pound, while July platinum fell $3.9 at $1,262 an ounce and June palladium dropped 85 cents at $355.55 an ounce.
On the supply side, gold warehouse stocks rose 199,679 troy ounces to stand at 7.3 million troy ounces as of late Thursday, according to New York Mercantile Exchange data. Silver supplies rose 547,272 troy ounces to stand at 127 million troy ounces, while copper supplies were unchanged at 36,355 short tons.

Polya Lesova is a MarketWatch reporter based in New York