Gold Prices Take a slight dip

May 18, 2011, 09:44 by R.E. Christian

Gold futures slid modestly Tuesday, with the dollar index and oil prices holding relatively flat through the day.

The dollar index, measuring the U.S. dollar on a prorated scale against six major currencies, fell 0.15 percent to 75.36. Oil prices, on a two-week slide, closed marginally higher, adding 13 cents to $97.50 per barrel in New York.

Gold futures gave up $6 to reach $1,484.60 per troy ounce on the Comex division of the New York Mercantile Exchange.

Gold is down from its peak of $1,557.40 per troy ounce, which it reached in early May. A Securities and Exchange Commission filing this week revealed billionaire investor George Soros had divested the majority of his gold holdings in the first quarter, dropping his position in gold and gold mining shares from about $1 billion to $216 million.

The euro rose to $1.4235 from Monday's $1.4182. Against the yen, the dollar rose to 81.47 yen from Monday's 80.76 yen.

The dollar traded for 45.11 Indian rupees, compared to 45.126 Indian rupees on Monday. Against the Hong Kong dollar, the U.S. dollar fell to 7.7736, compared to 7.7749.

The Australian dollar was $1.0618 compared with Monday's $1.062. The British pound rose to $1.6247 from $1.6244.

Source: UPI