Gold Slumps on Dollar Strength (Update 1)
Updated from 1:06 p.m. ET with settlement prices
NEW YORK ( TheStreet) -- Gold prices retreated Friday, consuming Thursday's gains, as the U.S. dollar strengthened against a basket of currencies for the first session since the beginning of the trading week.
Gold for August delivery at the COMEX division of the CME fell $19 to settle at $1,393 an ounce. The gold price traded as high as $1,421.60 and as low as $1,389.20 an ounce, while the spot price was dropping $21.60, according to Kitco's gold index.
The U.S. dollar index was rising 0.46% to $83.39 after the Chicago Institute for Supply Management said its business barometer popped to 58.7 in May, up 9.7 from April. Economists polled by Thomson Reuters were expecting the index to hit 50.Also jumping more than expected was the institute's employment barometer, which printed at 56.9 in May, up from April's 48.7 reading. Analysts said gold prices were retreating on Friday after the yellow metal tested and failed to move past $1,420 an ounce. "It's a bit hard to add for the upside beyond that ... so all of these
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