CHICAGO, Oct. 28 - Gold futures on the COMEX Division of the New York Mercantile Exchange dropped for the fifth session on Wednesday due to a rising dollar and weak oil. Silver and platinum both fell.
The most active gold contract for December delivery dropped 4.90 U.S. dollars, or 0.5 percent, to finish at 1,030.50 dollars an ounce.
Dollar rose for the fourth session on Wednesday as a report on the housing sector added to worries about the strength of the U.S. economy's rebound, which made investors flock to the greenback for safe-haven.
The Commerce Department said the U.S. new home sales dropped for the first time in five months. Sales slid 3.6 percent in September to 402,000 from 417,000 in August, well below the 440,000 analysts had forecast.
By the end of gold floor trading time, the dollar index, a gauge measuring the greenback's value against a basket of major currencies, rose 0.245 to 76.525, the strongest level in two weeks, eroding gold's demand of hedge and haven.
Plummeting energy prices put additional pressure on the precious metal. After the Energy Department reported a higher than expected jump in U.S. gasoline supplies, the benchmark crude contract for December delivery in New York tumbled almost 2 dollars to a 77.64 dollars a barrel.
December silver was down 30 cents to 16.24 dollars per ounce. January platinum lost 12.10 dollars to 1,306.90 dollars an ounce.
The most active gold contract for December delivery dropped 4.90 U.S. dollars, or 0.5 percent, to finish at 1,030.50 dollars an ounce.
Dollar rose for the fourth session on Wednesday as a report on the housing sector added to worries about the strength of the U.S. economy's rebound, which made investors flock to the greenback for safe-haven.
The Commerce Department said the U.S. new home sales dropped for the first time in five months. Sales slid 3.6 percent in September to 402,000 from 417,000 in August, well below the 440,000 analysts had forecast.
By the end of gold floor trading time, the dollar index, a gauge measuring the greenback's value against a basket of major currencies, rose 0.245 to 76.525, the strongest level in two weeks, eroding gold's demand of hedge and haven.
Plummeting energy prices put additional pressure on the precious metal. After the Energy Department reported a higher than expected jump in U.S. gasoline supplies, the benchmark crude contract for December delivery in New York tumbled almost 2 dollars to a 77.64 dollars a barrel.
December silver was down 30 cents to 16.24 dollars per ounce. January platinum lost 12.10 dollars to 1,306.90 dollars an ounce.
