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Gold slips Wednesday

Jan. 9, 2013 at 6:00 PM

NEW YORK, Jan. 9 (UPI) -- The price of gold lost more ground Wednesday in New York, as equities pulled out of a slump and the dollar index rose.

Gold prices dropped for the fourth session out of the past five, shedding $4.40 or 0.26 percent to settle at $1,657.80 per troy ounce on the Comex division of the New York Mercantile Exchange.

Silver gave up 11 cents or 0.34 percent, to $30.36 per ounce.

The dollar index, which measures the U.S. dollar against six other major currencies on a pro-rated scale, rose 0.32 percent to 80.58 on the International Exchange.

The dollar was broadly higher in Europe and lower in most of Asia. In the Americas, the dollar rose against Argentina's peso, the Brazilian real and the Canadian dollar. It fell against Mexico's peso.

By close of trading, the euro fell to $1.3056 from Tuesday's $1.3081. The dollar was 88.04 yen from Tuesday's 87.04 yen.

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