Gold shines, closes just below $1,000

Updated at 2:58 p.m. ET

Gold and oil prices were higher today amid weakness in the U.S. dollar and concerns about whether a global economic recovery can truly get under way.

Gold topped $1,000 an ounce for the first time since Feb. 20 but fell back to a close of $999.80 an ounce in New York.

Oil jumped $3 to $71.02 a barrel just before the close in New York, and the dollar fell to its lowest level since the end of last September.

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Stocks were modestly higher this afternoon. At 2:30 p.m. ET, the Dow Jones Industrial Average ($INDU) was up 41 points to 9,482. The Nasdaq Composite Index ($COMPX) had added 12 points to 2,031, and the Standard & Poor's 500 Index ($INX) had gained 7 points to 1,024.

"Gold's rising price is due to uncertainty all the way from personal investors right through to institutions," Sandra Close, an analyst for gold research group Surbiton Associates, told CNNMoney.com.

"There are questions out there over the health of economies, where interest rates are going. All that encourages gold hoarding," Close said. "There's potential to see the price go even higher."

Gold has crossed the $1,000 mark only five times -- three times in March 2008, in February 2009 and today.

Goldman Sachs boosted its forecasts on metals prices, citing "increasing evidence of a stronger-than-anticipated recovery in global industrial activity."

Gold hit a record $1,032.70 in March 2008. Prices slumped to $864.97 in April of this year.

OPEC meets Wednesday

Oil's rally comes one day ahead of the Organization of Petroleum Exporting Countries' meeting in Vienna. OPEC has indicated that it will likely keep production levels unchanged.

Saudi Arabian Oil Minister Ali al-Naimi said the market is in "good shape," according to Bloomberg News, with oil prices between $68 and $73 a barrel satisfactory for both consumers and producers.

Cadbury rejects Kraft's $16.7 billion offer

Chocolate maker Cadbury (CBY) over the weekend rejected a $16.7 billion takeover offer from Kraft Foods (KFT), saying that it "fundamentally undervalues" the company. 

Kraft said it will continue to pursue a deal with Cadbury, while Hershey (HSY) might also be interested in Cadbury, analysts said.

Cadbury was up 37.8% to $51.66. Dow component Kraft was down 5.7% to 26.49, the weakest performer among the 30 Dow stocks and the third-worst performer among S&P 500 stocks after American International Group (AIG) and publisher McGraw-Hill (MHP).

Boeing: Aviation recovery coming

Boeing (BA) is confident it can deliver the first of its repeatedly delayed 787 Dreamliners to All Nippon Airways in the fourth quarter of 2010, Randy Tinseth, the vice president of marketing for Boeing Commercial Airplanes, told Reuters.

"Next year will be a year of economic recovery, 2011 will be a year of airline industry recovery and then in 2012, airlines will probably increase their demand for new airplanes," Tinseth said at the Asian Aerospace Expo in Hong Kong.

Boeing was up 0.2% to $49.26. The shares are up 15% this year and have rebounded 68% from their March low.