Gold Declines on Speculation Dollar Strength to Curb Demand

Gold slipped from a 12-week high in New York on speculation that the dollar will resume climbing, curbing demand for the metal.

The dollar rose as much as 0.6 percent against a basket of six major currencies, including the euro, before erasing the gain. Some investors also sold after the metal surged to the highest price since January.

“If you get a strong dollar, there are still traders out there who are going to sell gold,” said Frank Lesh, a trader at FuturePath Trading LLC in Chicago. “It’s a short-term trade.”

Gold futures for June delivery fell $1.70, or 0.2 percent, to $1,151.30 an ounce at 11:03 a.m. on the Comex in New York. The price gained 4.3 percent in the previous five sessions, touching $1,154.20 yesterday, the highest price since Jan. 12.

Read Full Article from BusinessWeek

- Posted: 2010-04-08 10:29:10

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