Gold continues recent pullback as euro strengthens; oil drops on mixed economic reports

Gold continues pullback as euro strengthens

NEW YORK — Gold is continuing to retreat as investors grow more confident in the strength of currencies.

Gold had rallied throughout February and into early March as investors pulled out of currencies and opted for safe alternatives. The euro has struggled because of debt concerns in countries like Greece, while U.S. government spending has weighed on the dollar.

Concerns about European debt problems have eased in recent weeks. That has led some investors to return to the currency market and sell gold.

April gold is down $6.50 at $1,101.70 an ounce on Friday. Gold prices have fallen 3.6 percent since hitting a two-month high of $1,143.30 on March 3.