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Gold slides under $1,600

May 9, 2012 at 6:55 PM   |   Comments

NEW YORK, May 9 (UPI) -- Gold prices dropped again Wednesday, sliding below $1,600 and hitting their lowest point of the year on the Comex division of the New York Mercantile Exchange.

As the dollar index rose and equities headed south, gold shed $10.30 to $1,594.20 per troy ounce. That's the lowest since Dec. 30 when it was at $1,565.30.

Silver shed 21 cents to $29.24 per ounce.

The dollar index rose 0.36 percent to 80.15 on the International Exchange, although the greenback was mixed in Asia and Europe.

The euro fell to $1.2934 from Tuesday's $1.3007. Against the yen, the dollar fell to 79.64 yen from 79.87 yen.

The British pound rose to $1.6131 from $1.6128. The dollar fell to 1.0023 Canadian dollars from 1.0024 Canadian.

The dollar dropped against the Hong Kong dollar, trading at 7.7633 from 7.7637. The Australian dollar fell to $1.0042 from $1.0051.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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