Gold slumps below $1,400 as US dollar recovers

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Associated Press

Posted on May 15, 2013 at 4:02 PM

The price of gold is falling again, closing under $1,400 an ounce for the first time in a month.

Gold for June delivery fell $28.30 to settle at $1,396.20 an ounce Wednesday, a decline of 2 percent.

Another increase in the value of the dollar helped push gold prices lower. People often buy gold as an alternative to holding dollars, so when the U.S. currency appreciates, they'll often sell gold.

Silver also fell sharply. The July contract lost 72.10 cents to $22.658 an ounce, or 3.1 percent. Other metals prices were mixed.

Energy prices closed higher, recovering from an early slump.

Benchmark oil for June delivery rose 9 cents to finish at $94.30 a barrel on the New York Mercantile Exchange.

Crop prices closed lower.

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