(Bloomberg) -- Gold and silver prices 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 precious metals as alternative investments.
Gold generally moves in the opposite direction of the
dollar, which has risen 1.6 percent against a basket of six major
currencies after 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
York on speculation the U.S. Federal Reserve won't cut interest
rates anytime soon, strengthening the dollar and reducing the
appeal of precious metals as alternative investments.
Gold generally moves in the opposite direction of the
dollar, which has risen 1.6 percent against a basket of six major
currencies after 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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