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Gold drops modestly

May 22, 2012 at 7:18 PM

NEW YORK, May 22 (UPI) -- Gold futures fell Tuesday, dropping $12.10 to $1,576.60 per troy ounce on the Comex division of the New York Mercantile Exchange.

The dollar undermined commodities, as the dollar index rose 0.86 percent in the International Exchange, making items priced in U.S. dollars more expensive to foreigners.

On the day, silver shed 14 cents to $28.17 an ounce.

The euro fell to $1.2674 from Monday's $1.2684. Against the yen, the dollar rose to 79.96 yen from 79.01 yen.

The British pound was $1.5766 from $1.576. The dollar was 1.0213 Canadian dollars from 1.0207 Canadian.

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