SAN FRANCISCO (MarketWatch) — Gold futures climbed more than $4 an ounce Thursday and copper prices rallied nearly 3%, sending the benchmark contracts for both metals to their highest closing levels in more than two months.

Concerns over high energy prices and overall weakness in the U.S. dollar continued to support gold prices, while strong demand for copper and expectations for growth in consumption lifted copper.

Gold for August delivery closed $4.40 higher at $678.10 an ounce on the New York Mercantile Exchange, the contract’s strongest closing level since May 15. It traded as high as $678.50, its highest intraday level since June 5.

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