Gold prices extend slump as dollar edges up

Gold prices are continuing their slide, pressured by a stronger U.S. dollar.

Gold for June delivery dropped $2.30 to settle at $1,434.30 an ounce on Monday. It has lost more than 14 percent this year.

The dollar climbed against many major currencies. It traded up to 101.85 Japanese yen, extending its gains from last week.

The dollar's relative strength has helped draw many investors out of the gold market. In recent years, many of them treated gold as another currency. They bought gold in the belief that the dollar would slump and drive other buyers into the gold market.

In other metals trading, silver for July delivery inched up 3.8 cents to settle at $23.696 an ounce. Copper and palladium also rose, while platinum prices dipped.

Grains are higher.