Gold prices sink for seventh day, near April low

Gold prices fell for a seventh day in a row on Friday, drawn down by a stronger US dollar and better economic news.

Gold for June delivery dropped 1.6 per cent, losing $22.20 to settle at $1,364.70 an ounce. The precious metal is nearing the recent low of $1,352 it reached April 15, after a two-day plunge knocked $200 off its price.

Investors have been pulling out of the gold market as the stock market keeps climbing and the dollar gains strength. The dollar made gains against most major currencies Friday.

In other trading, silver, platinum and palladium fell, while copper rose. Silver for July delivery lost 30.7 cents to settle at $22.35 an ounce, a 1.4 per cent drop.

Copper for July delivery rose 2.85 cents, or 0.9 per cent, to $3.32 a pound.

Platinum for July delivery fell $17.60, or 1.2 per cent, to $1,468 an ounce. Palladium for June delivery fell 50 cents to $740.25 an ounce, a slight loss of 0.1 per cent.

In the market for grains and other crops, wheat fell, while corn and soybeans rose. Wheat for July delivery fell 4.5 cents to $6.8325 a bushel.

Corn for July delivery rose 11.25 cents to $6.5275 a bushel. Soybeans for the same month rose 21 cents to $14.485 a bushel.

In the oil and gas market, the price of crude oil rose on bets that a steady recovery in the US economy could increase fuel use.

Benchmark oil for June delivery rose 86 cents to close at $96.02 a barrel on the New York Mercantile Exchange.