Gold loses its holiday boost

Jan. 4, 2011 at 5:48 PM

NEW YORK, Jan. 4 (UPI) -- Gold prices fell sharply Tuesday, losing $42.40 per troy ounce or nearly 3 percent, as the market shifted with the return of traders from holiday vacations.

Trading volumes rose as a returning volume of traders back from their Christmas breaks undermined the gains made when trading was light, The Wall Street Journal reported.

Gold prices dropped to $1,380.50 per troy ounce.

February deliver crude oil prices shed $2.36 to $89.19 per barrel, as the dollar index rose 0.38 percent.

The dollar on Monday the dollar gained ground against the euro, the pound and the yen with the euro falling to $1.3305 from Monday's $1.3351. Against the yen, the dollar rose to 82.05 yen from Friday's 81.74 yen.

Against the Hong Kong dollar, the U.S. dollar fell to 7.7682 HKD from 7.7691 HKD. The dollar fell to 1,124 South Korean won from 1,124.61 won.

Against the Canadian dollar, the greenback rose to 0.9983 from 0.9937.

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