Gold Falls, Silver Tumbles 7.1% on Dollar’s Rally
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Gold futures fell the most in a week as the dollar rebounded, eroding the metal’s appeal as an alternative asset. Silver had the biggest drop since December 2008.
The greenback climbed for the fourth straight session against a basket of major currencies after U.S. Treasury yields rose. Gold has climbed 28 percent this year, reaching a record $1,424.30 an ounce yesterday, on bets the Federal Reserve’s stimulus plan would erode the value of the dollar.