UPDATE 4-Gold falls on weak oil, dollar rises


(Updates to midafternoon in New York) By Nick Trevethan LONDON, May 31 (Reuters) - Gold fell in afternoon trade on Wednesday, under pressure from falling oil prices and a firmer dollar with near-term sentiment precariously balanced, dealers said. "We are on a knife-edge. Energy prices and the dollar are deciding where the price goes and we are monitoring things very closely," a fund source said. Spot gold was $644.40/$645.20 late in New York versus $656.80/657.60 previously. Oil ...

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