UNITED STATES - MAY 17: Diamond Setter Avo Kassardjian places diamonds in a white gold woman's pendant in New York, Wednesday, May 17, 2006. Gold in New York fell, erasing earlier gains, on speculation the U.S. Federal Reserve will continue raising interest rates to curb inflation. Higher interest rates make holding gold less attractive because the metal has no fixed returns, unlike bonds. Gold had gained as much as 39 percent this year, reaching $732 an ounce on May 12 before tumbling 3.8 percent on May 15. Gold's rapid rise and recent volatility may discourage some investors from purchases, analysts said. (Photo by Daniel Acker/Bloomberg via Getty Images)
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