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Gold drops $33.50

NEW YORK, May 8 (UPI) -- Gold prices moved sharply lower on the Comex division of the New York Mercantile Exchange Tuesday as the dollar index rose and equities tumbled on Wall Street.

Gold shed $33.50 to $1,605.60 per troy ounce. Silver shed 69 cents to $29.43 per ounce.

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The dollar index rose 0.38 percent to 79.84 on the International Exchange, as the dollar gained against all major currencies of Europe and most of Asia.

The euro fell to $1.3006 from Monday's $1.3051, while the dollar dropped to 79.86 yen from Monday's 79.89 yen.

The British pound fell to $1.6157 from $1.6189. The dollar rose to 0.9987 Canadian dollars from 0.9932 Canadian.

The dollar dropped against the Hong Kong dollar, trading at 7.7625 from 7.7635. The Australian dollar fell to $1.012 from $1.0198.

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