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Gold Soared Over $5

Traders explain gold's upturn by the position of the dollar

New York gold futures jumped Monday.

April gold futures Exchange settled up $5.30 to $427.30 on the Comex division of the New York Mercantile Exchahge. The contract peaked at $427.70, a level not seen since the last trading day of January.

Traders explain gold?s upturn by the position of the dollar.
As gold was closing, the euro had risen to around $1.2975 from $1.2866 late Friday. A softer U.S. currency is generally supportive for gold and other metals.

Support for April gold is expected around $422 to $420.