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Gold prices sink for seventh day

Published: Updated:

Gold prices fell for a seventh day in a row on Friday, drawn down by a stronger U.S. dollar and better economic news.

Gold for June delivery dropped 1.6 percent, losing $22.20 to settle at $1,364.70 an ounce. The precious metal is nearing the recent low of $1,352 it reached April 15, after a two-day plunge knocked $200 off its price.

Investors have been pulling out of the gold market as the stock market keeps climbing and the dollar gains strength. The dollar made gains against most major currencies Friday.

In other trading, silver, platinum and palladium fell, while copper rose. Silver for July delivery lost 30.7 cents to settle at $22.35 an ounce, a 1.4 percent drop.

Copper for July delivery rose 2.85 cents, or 0.9 percent, to $3.32 a pound.

Platinum for July delivery fell $17.60, or 1.2 percent, to $1,468 an ounce. Palladium for June delivery fell 50 cents to $740.25 an ounce, a slight loss of 0.1 percent.