Gold Futures Rise as Oil Surges to New Record

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"The dollar is flat, but oil is again higher and this is contributing to gold's rally this morning," said Mark O'Byrne, director at Gold & Silver Investments Ltd., in a research note.

Gold for June delivery rose $14.60 to stand at $894.60 an ounce on the New York Mercantile Exchange.

"The dollar is flat, but oil is again higher and this is contributing to gold's rally this morning," said Mark O'Byrne, director at Gold & Silver Investments Ltd., in a research note.

In energy trading, crude-oil futures rallied to a fresh record high of $127.43 a barrel, as bullish momentum returned to the market and traders rushed to buy energy futures. See Futures Movers.

On Thursday, the benchmark gold contract had surged $13.50 to close at $880 an ounce.

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