New York gold dropped 3.5 percent yesterday and closed at $883.50 an ounce, the lowest point since late January. Platinum lost 4.4 percent to close at $1,922. Other commodities suffered a sell-off as well as hedge funds favored stock investments on this first day of the second quarter. The Dow Industrial Average gained nearly 400 points to 12,654.36 as optimistic investors on Wall Street felt the worst was over for the credit crisis in the United States.

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