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Gold Falls on Equity Rally; Silver Drops to Four-Year Low

Gold futures fell to an eight-month low as equities surged to a record, crimping demand for the precious metal as an alternative asset. Silver tumbled below $18 an ounce to the cheapest in four years.

Gold dropped for the third straight week after the Federal Reserve raised its estimate for a key lending rate even as policy makers affirmed a pledge to keep borrowing costs close to zero percent for a considerable time. The Standard & Poor’s 500 Index rose to an all-time high, and a measure of the dollar headed for the longest rally since at least March 1967.