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Gold Decline Pares Best Week Since 2011 as Dollar Strengthens

Gold fell as a stronger dollar curbed demand for an alternative investment, narrowing the biggest weekly gain since October 2011 after Federal Reserve Chairman Ben S. Bernanke called for maintaining stimulus.

Bullion jumped 5.5 percent in the previous four days, the best run since March. On July 10, Bernanke said that the U.S. needs “highly accommodative monetary policy for the foreseeable future.” The Bloomberg Dollar Index, which tracks the greenback against 10 major trading partners, rose as much as 0.6 percent. Gold slumped 23 percent last quarter.