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Gold slides on early nudge from dollar

July 18, 2012 at 5:31 PM

NEW YORK, July 18 (UPI) -- Gold futures dropped Wednesday for the third consecutive trading session, though the dollar index was neutral after early gains.

The dollar index, a pro-rated measure of the greenback's value compared with six major currencies, fell 0.07 percent to 82.97 on the International Exchange.

Gold for August delivery shed $16.70 or 1.05 percent to $1,572.80 per troy ounce on the Comex division of the New York Mercantile Exchange.

September silver futures shed 16 cents, or 0.59 percent, to $27.15 an ounce.

Early strength in the dollar pressured metals Wednesday, the dollar gaining with expectations of a new round of quantitative easing diminishing after Federal Reserve Chairman Ben Bernanke testified in Washington.

By close of trading, the euro fell to $1.2278 from $1.2295. Against the yen, the dollar was lower at 78.80 yen compared with Tuesday's 79.07 yen.

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