Gold futures rose Monday (20/07/09) to end at their highest level in more than five weeks as a private-sector rescue of U.S. lender CIT Group raised economic optimism. Gold rose steadily in Asia and London on Monday, reaching as high as $955.00 in early New York trade.

The Gold price then pared its gains into the close, but still ended with a healthy gain of 1.2%.

A weaker dollar tends to boost gold’s appeal as a hedge against a weak currency, hence the rise in price.