By Pham-Duy Nguyen
July 7 (Bloomberg) -- Gold and silver futures fell after the dollar climbed, eroding the appeal of the precious metals as alternative investments.
The dollar rose as much as 0.6 percent against a weighted basket of the euro, yen and four other major currencies. Before today, gold gained 11 percent this year as the dollar index fell 5.2 percent. Gold reached a record $1,033.90 an ounce on March 17.
``Gold came off on the strength of the dollar,'' said Frank McGhee, the head metals trader at Integrated Brokerage Services LLC in Chicago.
Gold futures for August delivery dropped $8.20, or 0.9 percent, to $925.40 an ounce at 9:06 a.m. on the Comex division of the New York Mercantile Exchange.
Silver futures for September delivery declined 26.5 cents, or 1.4 percent, to $18.105 an ounce. Before today, silver rose 23 percent this year.
To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net.
Monday, July 7, 2008
Gold, Silver Decline as Dollar's Climb Erodes Demand for Metals
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