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July 5, 2012 / 5:23 PM

Gold settles after the holiday

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NEW YORK, July 5 (UPI) -- Gold prices shifted lower on the Comex division of the New York Mercantile Exchange Thursday, dropping $17.70 to settle at $1,604.10 per troy ounce.

Silver shed 63 cents to close at $27.65 per troy ounce.

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The dollar index rose sharply, putting pressure on commodities priced in U.S. dollars. The dollar index gained 0.73 percent to 82.80 on the International Exchange.

Gold positions were also unwound post-holiday, as investors gravitate toward gold -- considered a save haven -- before a national day off, such as the Fourth of July.

The euro fell to $1.239 from Tuesday's $1.2527. Against the yen, the dollar rose to 79.92 yen from 79.87 yen.

The British pound fell to $1.5529 from $1.5591. The dollar rose to 1.0143 Canadian dollars from 1.0131 Canadian.

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