Gold fell for the third straight week, capping the longest slump in 13 months, because of the dollar’s rally and waning inflation concerns. Silver posted the lengthiest run of weekly declines in three years.
The greenback climbed to a six-week high against a basket of currencies, eroding demand for precious metals as alternative investments. The euro headed for the longest slump since August against the dollar amid mounting economic woes in Spain. On Oct. 24, gold fell below $1,700 an ounce to a six-week low as European Central Bank President Mario cited deflation risks.