Gold drops $33.50

May 9, 2012 at 11:36 AM

NEW YORK, May 8 (UPI) -- Gold prices moved sharply lower on the Comex division of the New York Mercantile Exchange Tuesday as the dollar index rose and equities tumbled on Wall Street.

Gold shed $33.50 to $1,605.60 per troy ounce. Silver shed 69 cents to $29.43 per ounce.

The dollar index rose 0.38 percent to 79.84 on the International Exchange, as the dollar gained against all major currencies of Europe and most of Asia.

The euro fell to $1.3006 from Monday's $1.3051, while the dollar dropped to 79.86 yen from Monday's 79.89 yen.

The British pound fell to $1.6157 from $1.6189. The dollar rose to 0.9987 Canadian dollars from 0.9932 Canadian.

The dollar dropped against the Hong Kong dollar, trading at 7.7625 from 7.7635. The Australian dollar fell to $1.012 from $1.0198.

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