Gold Drops in New York as Dollar Touches Five-Year High
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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.