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Gold retreats from 2-week high on strong dollar

CHICAGO, Feb. 3 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange dropped from its fresh two-week high on Wednesday as dollar went up. Silver and platinum both declined. The most active gold contract for April delivery sli

CHICAGO, Feb. 3 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange dropped from its fresh two-week high on Wednesday as dollar went up. Silver and platinum both declined.

The most active gold contract for April delivery slid 6 U.S. dollars, or 0.5 percent, to finish at 1,112 dollars an ounce, although touching the strongest level of 1,126.40 in two weeks.The dollar strengthened after several bullish economic reports on Wednesday.

The Institute for Supply Management's services index rose to 50.5 in January, improved from December's level of 49.8.

At the same time, ADP, a private employment service company, released a report which said the private sector lost 22,000 jobs in January, marking the lowest decline in private-sector job losses since February 2008 and less than the projected 30,000 losses economists had been expecting.

By the end of gold floor trading time, the dollar index, a gauge measuring the greenback's value against six major currencies, rose 0.32 to 79.50, far away from the intraday low of 78.83. Gold's appeal of hedge against dollar's devaluation softened.

March silver was down 42.6 cents to 16.317 dollars per ounce. April platinum lost 2.60 dollars to 1,576.20 dollars an ounce.

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