Gold Falls More Than $28 in New York

May. 20, 2013 05:37AM PST

Gold prices fell today, putting the metal on track for its longest run of losses since March 2009.

Gold prices fell this morning, putting the metal on track for its longest run of losses since March 2009, Reuters reported. Investors are quickly selling gold stocks as the US dollar strengthens and the economy improves.

Gold for June delivery hit $1,336.30 an ounce today in New York, a decline of $28.06, according to Bloomberg. That is lowest level seen since April 18.

The yellow metal is down about 19 percent this year. Investors have lost faith in its value, the source said. News that the US Federal Reserve may cut monthly bond purchases have also taken a toll on gold prices.

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