Gold Plunges to Two-Week Low on Strengthening U.S. Dollar

Prices for gold fell to their lowest level in two weeks, as the U.S. dollar made gainst against the euro.

June delivery for gold fell $27.70 to rest at $915.20 an ounce on the Nymex, after dropping as low as $907.30.

On Wednesday gold had surged to $948 an ounce, making investors look for the $1,000 an ounce the yellow metal first reached in March.

Gold was "heavily weighed down by an initial retreat in crude oil and the dollar's rapid ascent," Jon Nadler, analyst with Kitco Bullion Dealers Montreal, said in a note.

Many investors believe gold will reach $1,000 an ounce again by the end of 2008.