Gold Falls to $1,427.56 an Ounce in New York

Gold fell $2.855, to $1,427.56 an ounce, on the COMEX in New York. Although in earlier trading gold increased to $1,444.96, the pressure of a stronger dollar over the past few sessions has lowered gold prices, Reuters reported. The dollar steadied against the euro and physical demand for the metal slowed, making investors cautious.

US gold futures for June delivery were also down today at $1,421.90 an ounce, a decrease of about $12.797, according to Reuters.

“Currency movements are clearly driving the market at the moment and then if you look at bond yields they are also moving higher, indicating that investors prefer to put their money in other assets,” Credit Suisse analyst Karim Cherif told the source.