Gold Price Dropped Powerless against Dollar

Gold futures on the COMEX division of the New York Mercantile Exchange dropped for a second straight session at the end of trading Thursday, depressed further strengthening of the US dollar and rising equities.
The most active gold contract for June delivery, down USD4.90, or 0.37%, settled at USD1.317.9 per ounce. As for other precious metals, silver for May delivery fell 1.1 cents US or 0.07%, becoming settled at USD16, 491 per ounce. Platinum for July delivery fell 2.6, or 0.28%, to close at USD910.1 per ounce.

The US dollar index, a measure of the dollar against a basket of other major currencies, rose 0.23% to 91.47 on 17.18 GMT.
Gold and the dollar usually move in the opposite direction. As the US dollar rises, it will limit the demand for gold priced in US dollars, especially for investors using other currencies.

Additional pressure comes from the stock market. The Dow Jones Industrial Average rose 263.15 points, or 1.09%, at 17.28 GMT. As equities register higher, precious metals usually move lower, as investors are more enamored with the stock market.