Gold prices slide as dollar rises, stocks rally

Gold prices extend their slump as rising stocks and stronger dollar lure investors out of gold

Associated Press

Gold is extending a slump as a stronger dollar and surging stock market pull the price of the precious metal lower.

Gold for June delivery dropped $9.80 to settle at $1,424.50 an ounce on Tuesday. Gold prices have lost 3 percent this month. Analysts say the stock market's rally and the dollar's climb have lured investors out of gold.

Silver and copper also dropped Tuesday.

Platinum and palladium surged more than 1 percent as traders anticipated tighter supplies. Workers at Lonmin, one of South Africa's largest platinum producers, went on strike Tuesday.

Platinum for July rose $17.40 to $1,501.90 an ounce. Palladium for June rose $8.45 to $727.15 an ounce.

In the market for grains and other crops, wheat, corn and soybeans all rose.

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