Gold futures fell for the fourth time in five sessions as the dollar touched a five-year high, damping investor demand for the metal as a store of value.
The Bloomberg Dollar Spot Index rose to 1,133.26, the highest since 2009, amid signs that the U.S. economy is improving. Holdings in exchange-traded funds backed by bullion fell 0.6 percent last week, extending a drop to the lowest since 2009. Futures trading was 45 percent below the 100-day average for this time of day, data compiled by Bloomberg show.
Gold futures for February delivery slipped 1.1 percent to settle at $1,181.90 an ounce at 1:46 p.m. on the Comex in New York. The price has fallen 1.7 percent in 2014, after tumbling 28 percent last year.
Silver futures for March delivery retreated 2.3 percent to $15.779 an ounce on the Comex, the most in almost two weeks. The metal is down 19 percent for the year.
Platinum futures for April delivery fell 1.4 percent to $1,202.70 an ounce on the New York Mercantile Exchange. Palladium futures for March delivery dropped 0.8 percent to $812 an ounce.
Source : Bloomberg