Gold slides Monday

July 16, 2012 at 4:15 PM

NEW YORK, July 16 (UPI) -- Gold futures failed to make headway Monday, despite a drop in the dollar index.

The dollar index, a pro-rated measure of the greenback's value compared with six major currencies, fell 0.24 percent to 83.10 on the International Exchange.

Gold for August delivery followed equities lower, dropping 70 cents or 0.04 percent to $1,591.30 per troy ounce on the Comex division of the New York Mercantile Exchange.

September silver futures shed 2 cents, or 0.09 percent to $27.34 an ounce.

The euro rose to $1.2278 not far from its all time low below $1.22 reached last week. Against the yen, the dollar was 78.82 yen compared with Friday's 79.20 yen.

The British pound was $1.563 from $1.5574.

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