NY gold futures rise 2 pct on weak dlr, oil rally

NEW YORK, Oct 26 (Reuters) - Gold futures in New York rallied 2 percent to just under $790 an ounce in late pit trading Friday on the dollar weakness and surging crude prices.

At 1:29 p.m. EDT (1729 GMT), most-active gold for December delivery GCZ7 on the COMEX division of the New York Mercantile Exchange rose $16.7 or 2.2 percent to $787.70 an ounce. Just minutes earlier, it hit a session peak of $788, which marked the highest since May 2006 for the December contract.