Gold Futures Rise; Dollar Mixed

Gold is up $14.60 at $927.80 an ounce.
By Simon Constable ,

Gold prices were rising Monday as the cost of crude oil headed higher.

Benchmark gold futures were up $14.60 at $927.80 an ounce in recent action on the Comex division of the New York Mercantile Exchange. The

iShares Comex Gold Trust

(IAU) - Get Report

and the

streetTracks Gold Shares

(GLD) - Get Report

were both rising about 0.5%.

Some investors buy bullion as a long-term hedge against inflation. So when crude prices rise -- recently up more than $2 to nearly $109 a barrel -- gold tends to move higher also, because over time oil is seen as a key driver of inflation.

Gold Is Going to $750

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Shares of miner

Randgold Resources

(GOLD) - Get Report

and

Yamana Gold

(AUY) - Get Report

were both ahead by more than 2% in early action.

In currencies, one euro was buying $1.5723, up slightly from $1.5719 late last week. The dollar was worth 102.46 Japanese yen, up from 101.74 yen Friday. The British pound was trading for $1.9895, down slightly from $1.9912.

The currency exchange-traded funds,

CurrencyShares Euro Trust

(FXE) - Get Report

,

CurrencyShares Japanese Yen Trust

(FXY) - Get Report

and

CurrencyShares British Pound Sterling

(FXB) - Get Report

, were little changed.

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