Gold Extends Weekly Drop as Stronger Dollar Curbs Demand
This article is for subscribers only.
Gold capped the biggest drop in more than three weeks in New York as a stronger dollar curbed demand for the metal as an alternative investment.
The dollar reached a five-week high versus six major currencies today after data showed yesterday claims for U.S. jobless benefits unexpectedly dropped to the lowest in more than five years. Federal Reserve Bank of Philadelphia President Charles Plosser, who doesn’t vote on policy this year, told reporters yesterday that he favors reducing the central bank’s $85 billion in monthly bond purchases that were designed to stimulate the U.S. economy.