Gold slips, dollar rises

GOLD, silver and other precious metals, which have been riding high lately, slid back in price on Friday.

This was partly due to a stronger United States dollar. Also, some investors sold metals to lock in gains racked up in the recent surge.

The US dollar got a lift from comments by Federal Reserve chairman Ben Bernanke, who said the central bank was ready to raise interest rates.

'When the economic outlook has improved sufficiently, we will be prepared to tighten,' he said in Washington on Thursday.

Gold fell below US$1,050 an ounce yesterday, snapping a rally of three straight days of record highs. Gold is up about 19per cent so far this year.

Silver retreated from a 14-month high at US$17.92 an ounce on Thursday, as it tracked dollar and gold prices. Platinum inched down slightly to about US$1,336 an ounce.