Gold Shot Up $7

Comex gold futures jumped more than $7 higher on strong fund short covering and fresh buying spurred in part by the decline seen in the U.S. dollar.

August delivery gold futures settled $7.10 higher at $424.80 per
Ounce on the Comex division of NYMEX.

Gold futures started off with a small gain around $419 per ounce after the U.S. dollar retreated slightly overnight against the euro and other currencies. The greenback's recent gains were mainly driven by the turmoil surrounding the European Union after two member countries voted to reject the proposed E.U. constitution within the past week.