(May
14) Gold fell for a third day in New York as strength in the dollar may
mean more declines in exchange-traded products holdings.
Holdings
in gold-backed ETPs dropped 0.6 percent on May 10 as the dollar reached
a five-week high against six major currencies, according to data
compiled by Bloomberg. The U.S. Dollar Index climbed as much as 0.2
percent today as the Standard & Poor’s GSCI gauge of 24 commodities
fell 0.6 percent.
Gold
for June delivery dropped 0.6 percent to $1,428.10 an ounce by 6:11 a.m.
on Comex in New York. Prices dropped 1.9 percent last week, the first
decline in three weeks.
Gold
is having its worst start to a year since 1982 after dropping 15 percent
and sliding into a bear market in April. Speculators held 67,374
so-called short contracts on May 7, 6.4 percent more than a week
earlier, U.S. Commodity Futures Trading Commission data show. The
net-long position dropped 10 percent to 49,260 futures and options.
Silver
for July delivery declined 0.3 percent to $23.59 an ounce, platinum was
little changed at $1,486.20 an ounce, and palladium fell 0.1 percent to
$704.95 an ounce.
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