Gold futures climbed above $920 an ounce Tuesday to tally a gain of more than 6% during a four-session winning streak as a decline in the U.S. dollar and rising oil prices enhanced the metal’s appeal as an investment hedge.

“Capital seeking shelter from monetary debasement will continue to deviate to preservation assets such as gold and silver,” said Peter Spina, an analyst at GoldSeek.com.

Gold prices closed at their strongest level in a month.

“As oil nears $130, the historical relative value of gold to oil is now again at extreme lows,” said Spina, in emailed comments. “This measurement, among with others, places the true value of gold much higher than we are seeing it presently trade at.”

And with today’s very weak U.S. dollar and continual prospects of additional expansion of the money supply, “gold becomes even that more attractive at this present time,” he said.

Gold for June delivery climbed as high as $923 an ounce on the New York Mercantile Exchange, a level not seen since April 22. It closed up $14.40, or 1.6%, at $920.20.

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