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NEW YORK - Gold futures ended higher on Monday as higher crude-oil prices boosted the demand for the precious metal as a hedge against inflation, while the dollar dropped.

Gold for August delivery rose $5.70 to end at $963.70 an ounce on the Comex division on the New York Mercantile Exchange. The precious metal hit an intraday high of $966.50 an ounce.

Crude-oil futures gained as much as 2.5 percent to $132.05 a barrel, after plunging 11 percent last week, while gold dropped 0.3 percent. Over the past four weeks, gold has gained 10 percent, while oil rose 7.6 percent. On Friday, gold dropped $12.70 to end at $958 an ounce. The metal posted a weekly decline of $2.60.

"The new week started out on a firm note in the precious-metals complex as a combination of geopolitics and weather boosted crude-oil prices," said Jon Nadler, senior analyst at Kitco Bullion Dealers.

Crude for August delivery, which will expire Tuesday, closed the day up $2.16, or 1.7 percent at $131.04 a barrel on the New York Mercantile Exchange.

The U.S. dollar was mixed against other major currencies, but did manage to make several gains after Bank of America beat analyst's expectations with a smaller-than-expected drop in second-quarter profit.

The dollar index, which tracks the greenback against a basket of currencies, was down 0.1 percent at 72.069.

Also on the Nymex, Silver futures for September delivery gained 22.5 cents, or 1.2 percent, to $18.425 an ounce. The metal has gained 23 percent this year, while gold climbed 15 percent.

October platinum fell $4.30 to $1,851 an ounce while September copper gained 1 cent to $3.68 a pound. September palladium fell $1.60 to $415 an ounce.