BLBG: Gold Falls in N.Y., Heading for First Weekly Decline This Month
By Ted Bunker
Oct. 16 (Bloomberg) -- Gold prices slid in New York, heading for the first weekly decline since September, as the dollar strengthened, reducing demand for the metal as an alternative asset.
Gold futures for December delivery dropped $5.70, or 0.5 percent, to $1,044.90 an ounce at 8:23 a.m. on the New York Mercantile Exchange’s Comex division. A close at that price would be a 0.3 percent decline for the week, the first since Sept. 25. The U.S. Dollar Index, a six-currency gauge of the greenback’s strength, rose as much as 0.5 percent, the first gain this week.
