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Gold, Silver Drop Most in a Week as Equities, Dollar Gain

Gold and silver futures slumped the most in a week as an equity rally and the dollar’s rebound crimped demand for the precious metals as an alternative investments.

The Standard & Poor’s 500 Index of stocks advanced to a one-week high, and the greenback gained as much as 0.5 percent against a basket of currencies, erasing earlier losses. Gold has slumped 16 percent this year, while the S&P gauge jumped 10 percent and the dollar rose 4.1 percent.