(Bloomberg) -- Gold fell in New York on speculation
the U.S. Federal Reserve won't cut interest rates anytime soon,
strengthening the dollar and reducing the appeal of the precious
metal as an alternative investment. Silver was little changed.
Gold generally moves in the opposite direction of the
dollar, which has risen 1.6 percent against a basket of six
major currencies since falling on May 1 to the lowest level this
year. Gold reached an 11-month high on April 20, before shedding
as much as 6.7 percent by May 24. Before today, the metal had
risen 4 percent this year.
Read more at Bloomberg Commodities News
the U.S. Federal Reserve won't cut interest rates anytime soon,
strengthening the dollar and reducing the appeal of the precious
metal as an alternative investment. Silver was little changed.
Gold generally moves in the opposite direction of the
dollar, which has risen 1.6 percent against a basket of six
major currencies since falling on May 1 to the lowest level this
year. Gold reached an 11-month high on April 20, before shedding
as much as 6.7 percent by May 24. Before today, the metal had
risen 4 percent this year.
Read more at Bloomberg Commodities News
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