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Gold retreats on stronger dollar


08:19, April 24, 2013

CHICAGO, April 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange reported the first loss in four sessions Tuesday on a stronger dollar.

The most active gold contract for June delivery dropped 12.4 dollars, or 0.87 percent, to settle at 1,408.8 dollars per ounce.

The U.S. dollar went strong against euro Tuesday on reports that private-sector activity across the 17-nation euro zone in April continued to shrink at the same pace as in March, and regional powerhouses such as Germany also slipped into contraction. The euro-zone composite Purchasing Managers' Index (PMI) was unchanged at 46.5.

Disappointing data from China and the U.S. also pressured gold. HSBC's preliminary PMI reading for China's manufacturing industry fell to a two-month low of 50.5 from March's reading of 51.6. In the U.S., the flash manufacturing PMI fell to 52 in April, the lowest level in six months.

A rally in the U.S. stock market dampened gold prices further.

Gold shares of the SPDR Gold Trust fell 1.1 percent Tuesday. Investment bank UBS updated its target price for one-month contract to 1,425 dollar from 1,725 dollar and the price for three- month contract to 1,500 dollars from 1,850 dollars.

Silver for May delivery lost 50.7 cents, or 2.17 percent, to close at 22.817 dollars per ounce. Platinum for July delivery lost 19 dollars, or 1.32 percent, to close at 1,417.8 dollars per ounce.

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