Gold Prices Drop on Increasing Dollar Strength

Bloomberg reported that gold prices were down as a higher dollar caused a drop in investor demand.

As quoted in the market news:

Gold futures for June delivery fell 0.8 percent to $1,629.60 an ounce at 9:35 a.m. on the Comex in New York. Earlier, prices slipped to $1,623.60, the lowest for a most- active contract since April 5.

Click here to read the full Bloomberg report.