(RTTNews) - Gold surged again on Friday and reached a monthly high. August-dated gold moved to $928.50, up $13.40 on the session. Gold reacjed as high as $929.80 in mid-morning trading.

Prices soared by $32.80 on Thursday as traders mulled the Federal Reserve's decision to leave its target interest rates at 2%, as expected. This halted a series of rate cuts that began late last summer and took the Fed's key rate from 5.25% last September to its current level of 2%.

The dollar dropped to its lowest level in nearly three weeks against the euro and hit a two-month low against the sterling on Friday in New York. Gold usually moves opposite the greenback because of the precious metal's hedge value. Crude oil moved well-above $140 on Friday morning after adding $5 on Thursday.

Gold ended the session lower on Wednesday as the metal markets closed before the Federal Reserve's interest rate decision to leave its target for the federal funds rate at 2%.. August-dated gold moved to $882.30, down $10.50 for the session. Prices touched as low as $875.20 in the mid-morning.

Stochastics and the RSI were neutral for August gold. The next upward target is $929.90, the high crossing of May 27. If oil gold can get past $940.10, it will reach a two-month high. If prices turn lower, the 10-day moving average could provide support at $892.63.

In economic news on Friday, data released by the Department of Commerce showed personal income showed a substantial increase in the month of May, with the report also showing a notable increase in personal spending. The report showed that personal income surged up 1.9 percent in May following an upwardly revised 0.3 percent increase in April. Economists had been expecting a much more modest increase in income of about 0.4 percent.

The Commerce Department also said that personal spending jumped 0.8 percent in May after an upwardly revised 0.4 percent increase in the previous month. The increase came in slightly above economist estimates of a 0.7 percent increase.

Later in the morning, investors pondered the release of data showing that consumer sentiment fell to another 28-year low in June. The Reuters/University of Michigan Consumer Sentiment Index came in at 56.4, a slightly worse-than-expected result. Crude oil hovered near the $140 a barrel mark on Friday after giving back most of its earlier rally. Light sweet crude moved at $140.05, up 41 cents on the session. . In overnight trading, oil touched a new record of $142.26.

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