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Equities give up room for gold to rise

May 4, 2012 at 5:35 PM

NEW YORK, May 4 (UPI) -- Gold prices moved higher on the Comex division of the New York Mercantile Exchange Friday as equities dropped for the second consecutive trading session.

Gold gained $8 to $1,642.80 per troy ounce. Silver added 38 cents to $30.39 per ounce.

The dollar index rose 0.38 percent to 70.51, as the dollar gained against all major currencies of Europe and most of Asia.

The euro fell to $1.3085 from Thursday's $1.3152, while the dollar dropped to 79.84 yen from Thursday's 80.17 yen.

The British pound fell to $1.6147 from $1.6178. The dollar rose to 0.9959 Canadian dollars from 0.9886 Canadian.

The dollar jumped ahead of the Hong Kong dollar, trading at 7.7608 from 7.7594. The Australian dollar fell to $1.0182 from $1.0264.

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