Gold drops slightly

Gold futures on the COMEX division of the New York Mercantile Exchange dropped slightly Monday. The most active gold contract for April delivery dropped 1.6 dollars, or 0.1 percent, to settle at 1,604.5 dollars per ounce. Gold dropped slightly on the news that Cyprus and the international lenders have worked out a deal to keep the country in the eurozone and from going bankrupt. Dollar's going strong has also contributed to gold's drop. The dollar index, a gauge of the greenback against a basket of major currencies, climbed to 82.879, up from 82.387 Friday. Market analysts hold that while short-term investors began to dump gold, speculative financial investors have shown greater interest again, as the position of long-term investors has expanded for two straight weeks. Silver for May delivery rose 11.7 cents, or 0.41 percent, to close at 28.815 dollars per ounce. Platinum for April delivery gained 1.2 dollars, or 0.08 percent, to close at 1,582.9 dollars per ounce.