Gold slipped from a five-week high in New York as the dollar strengthened and oil slid, cutting investment demand for the metal. Silver also declined. Oil dropped for a second day after the International Energy Agency forecast 2009 world demand to fall the most since 1981. The dollar strengthened against the euro for a second day as a U.S. report showed first-time claims for jobless benefits rose last week more than economists had projected. Some investors buy gold as a hedge against turmoil in other markets. “The dollar is a little stronger and the energy prices are down, and those things are dragging gold down,” Stephen Platt, commodity analyst at Archer Financial Services Inc. in Chicago, said by telephone. “Still, it is impressive how well gold holds up.” Gold futures for June delivery fell $1.10, or 0.1 percent, to $924.80 an ounce at 9:38 a.m. on the New York Mercantile Exchange’s Comex division. Yesterday, gold closed at $925.90, the highest for a most-active contract since April 1. “The market could certainly work itself higher,” Platt said, adding that gold will probably trade in a range of $920 to $940 within next week to 10 days. Silver futures for July delivery dropped 9 cents, or 0.6 percent, to $13.93 an ounce. The most-active contract was up 24 percent this year before today, while gold gained 4.7 percent.

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