Gold Sliding Down

Precious metals slipped to fresh three-month lows on Friday morning, as speculative liquidation continued in lighter volumes after Thursday's decline and the stronger dollar.

June delivery gold dropped $1.30 to $420.90 an ounce on the New York Mercantile Exchange's COMEX division, trading from $423 to $420.10, which marked its weakest price since Feb. 11

"The dollar looks like it wants to go a great deal higher and there is fund selling across the metals," said Leonard Kaplan, president of Prospector Asset Management.

"I think that everyone who was going to sell metals did so yesterday," one New York desk trader said. "People who have closed up books before the weekend are probably going to sit on the sidelines, and those who were short might do some covering."