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Gold, sliver, drop Monday

Feb. 11, 2013 at 7:30 PM

NEW YORK, Feb. 11 (UPI) -- The price of gold dropped Monday on the New York Mercantile Exchange, as traders contemplated a Group of Seven nations currency statement.

Ahead of a Group of 20 meeting scheduled for this week in Moscow, the Group of Seven -- the United States, Britain, France, Germany, Italy, Canada and Japan -- are expected to issue a statement critical of currency manipulation.

This caused traders to rethink their positions in precious metals.

On the Comex listing, gold gave up $20.20 or more than 1 percent to finish at $1,647.90 per troy ounce. Silver dropped 49 cents to settled at $30.94 an ounce.

Against the dollar, the euro rose to $1.341 from Friday's $1.3372. The dollar rose to 94.25 yen from 92.76 yen. The dollar index rose 0.19 percent on the International Exchange.

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