(Bloomberg) -- Gold in New York fell, extending last
week's decline, as a gain in the value of the dollar reduced the
appeal of the precious metal as a hedge against the U.S.
currency. Silver also slid.
The dollar rose to a three-month high versus the yen as
traders reduced bets the U.S. Federal Reserve will cut interest
rates this year. Gold, which generally moves in the opposite
direction of the U.S. currency, fell to an eight-week low of
$654.10 an ounce last week as the dollar rose for a third
straight week against a basket of six major world currencies.
Read more at Bloomberg Commodities News
week's decline, as a gain in the value of the dollar reduced the
appeal of the precious metal as a hedge against the U.S.
currency. Silver also slid.
The dollar rose to a three-month high versus the yen as
traders reduced bets the U.S. Federal Reserve will cut interest
rates this year. Gold, which generally moves in the opposite
direction of the U.S. currency, fell to an eight-week low of
$654.10 an ounce last week as the dollar rose for a third
straight week against a basket of six major world currencies.
Read more at Bloomberg Commodities News
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