(Bloomberg) -- Gold fell in New York, heading for
the biggest weekly decline in seven weeks, on speculation a
strengthening dollar will reduce the precious metal's appeal as
an alternative investment. Silver also dropped.
The dollar rallied to a two-week high against the euro
today after a U.S. Commerce Department report showed the economy
grew last quarter at the fastest pace in more than a year. Gold,
sold in the U.S. currency, rose to a three-month high of $695.40
an ounce on July 25, a day after the dollar touched a record low
of $1.3852 against the euro.
Read more at Bloomberg Commodities News
the biggest weekly decline in seven weeks, on speculation a
strengthening dollar will reduce the precious metal's appeal as
an alternative investment. Silver also dropped.
The dollar rallied to a two-week high against the euro
today after a U.S. Commerce Department report showed the economy
grew last quarter at the fastest pace in more than a year. Gold,
sold in the U.S. currency, rose to a three-month high of $695.40
an ounce on July 25, a day after the dollar touched a record low
of $1.3852 against the euro.
Read more at Bloomberg Commodities News
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