WASHINGTON (dpa-AFX) - Gold prices dropped on Friday as the dollar surged higher thanks to strong economic data, and on bets several other central banks will likely cut interest rates before the Federal Reserve.
The dollar index climbed to 104.44, gaining nearly 1%.
Gold futures for April ended down by $24.70 at $2,160.00 an ounce.
Silver futures for May ended lower by $0.164 at $24.843 an ounce, while Copper futures for May settled at $4.0075 per pound, down $0.0510 from the previous close.
The Swiss National Bank reduced its interest rate on Thursday. The Bank of England has signaled some rate cuts, and the European Central Bank is very likely to cut rates at its next meeting.
The Fed maintained its forecast for three interest rate cuts this year, the timing of the first rate cut remains undetermined.
The chances of a quarter point rate cut in June have rebounded to 62%, according to CME Group's FedWatch Tool, but there is still a 28.8% chance the Fed will leave rates unchanged at the meeting.
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