Precious metals plunged sharply Thursday, amid surging...
Precious metals plunged sharply Thursday, amid surging U.S. dollar and a steep drop in crude oil.
June gold tumbled as much as $5.70 to $422.20 on the Comex division of the New York Mercantile Exchange, while July silver lost 13 cents to
"We had a direct and clear reaction to the surge in the dollar," said Jim
Steel, director of futures research in New York with Refco.
The dollar, which had a strong tone on Wednesday due to a narrowing of the
U.S. trade deficit, got another shot in the arm from robust retail sales first
thing Thursday morning.