Gold falls as stronger dollar curbs investor demand
New York: Gold Monday declined for the first time in three days as a stronger dollar curbed demand for the metal as an alternative investment.
The gold fell 0.7 percent to 1,631.10 dollar an ounce, after slipping one percent last week. Silver also dropped two percent to 31.07 dollar an ounce after touching 30.96 dollar, the lowest since January 20.
The dollar gained against the euro amid concern the outcome of French presidential elections will disrupt efforts to stem the region’s debt crisis.
The International Monetary Fund’s spring meetings ended yesterday in Washington, raising more than 430 billion dollar in pledges to help the global economy.
Christine Lagarde, managing director of the IMF, fell short of her original $600 billion goal as the U.S. Declined to participate and Canada proposed making it harder for Europe to tap aid. In France, Socialist challenger Francois Hollande won more of the first-round vote than incumbent Nicolas Sarkozy.