By Mike Caggeso Associate Editor Spot price of gold eclipsed $935 in trading Monday, its first time above the mark since May 22, as another fresh round of record oil prices exacerbated existing market-wide turmoil. In light of the Federal Reserve’s decision to hold interest rates at 2.0% - its first rate freeze since September 2007 - many thought the dollar would rebound, and in turn, sweep the legs out from under gold. But the opposite proved true and gold rallied to its highest price in more than a month. Story continues below… Sign up right now, and we’ll send you an important new report for free: “The Three Best Investments in Asia.” ...

Source: Mineweb.com  05/27/2008
Gold opened higher on Tuesday as further supply disruptions in Nigeria, the world’s eighth-largest oil producer, and a weaker dollar, made the precious metal increasingly attractive. Spot gold stood at $927.00/927.90 an ounce by 0329 GMT, having earlier risen above $930, and up from $925.20/926.60 in New York late last week.

Both Britain and the United States were closed for public holidays on Monday.

A rise in oil prices above $133 on production problems in the North Sea over the weekend and in Nigeria on Monday when rebels blew up a pipeline, drove gold higher on Tuesday.

“I am tracking oil prices for direction. And the dollar is still weakening,” said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.”If gold holds above $910, it could go up to $950. If it falls below $910, it could go back to the $800s,” he added.

Oil bellwether NYMEX crude oil …