Tuesday, May 3, 2011

Dollar Up, Gold, Silver and Oil Down

Posted By on Tue, May 3, 2011 at 3:08 PM

Financial trends turned around today, seeing the U.S. dollar gain strength against the Euro and British pound, and silver and gold taking huge losses.

Silver, for July delivery, fell 7.6 percent to settle at $42.59 an ounce, silver's biggest one-day drop since December 2008. Silver traded as low as $42.42 an ounce Tuesday. The metal has lost 12 percent since Friday.

Gold, for June delivery, also dropped today, down $16.70 to $1,540.40 an ounce, gold's biggest one-day drop since mid-March.

A stronger dollar is also being credited for a dip in crude oil, down 1.2 percent to $112.22 a barrel.

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