Gold Futures Slip to $1,480, Dollar Firm

Gold futures, per the COMEX June contract, slipped $10.60, or 0.7%, to settle at $1,480 per ounce on Tuesday amid widespread weakness in commodities.

COMEX gold futures tumbled from over $1,490 to an intra-day low of $1,471.10 in mid-day trading, but pared their losses this afternoon.

Gold and the broader commodities complex came under selling pressure as the U.S. dollar held firm against a basket of foreign currencies. In afternoon trading, the U.S. Dollar Index (DXY) hugged the flatline near 75.60.

(Source: http://www.goldalert.com/2011/05/gold-futures-slip-to-1480-dollar-firm/)