Gold settles at US$1,142.60 an ounce in New York

New York (Nov 6)  Gold stretched its slumping run for a seventh session today as the U.S. dollar rally eroded the appeal of the precious metal as an alternative investment.

Gold for December delivery slipped US$3.10 to settle at US$1,142.60 an ounce.

Yesterday, gold touched the lowest since April 23, 2010. Today, the greenback rose to a five-year high against a basket of 10 currencies on signs that the U.S. economy is gaining traction.

In other metals, December silver dropped another 3 cents to US$15.41 an ounce.

January platinum surrendered US$13.50 to US$1,197.10 an ounce, while December palladium gave back US$5.25 to US$752.60 an ounce.

High-grade copper for December delivery edged up a penny to US$3.02 a pound.