Gold drops $8.50 per ounce on session
by Elaine Frei
Precious metals prices were lower in New York on Monday as the US dollar gained ground on the euro.
December gold was $8.50 lower to $738.70 per troy ounce, a decline of over 1 percent on the session.
Despite the retreat, Citigroup (NYSE: C) raised its forecast for average gold prices this year from $672 per troy ounce to $684 per troy ounce.
Next year, Citigroup projected, the price of gold will average $800 per troy ounce, while in 2010 it prected that the average price of gold will rise to $820 per troy ounce.
UBS also raised its predicted average for the price of gold.
December silver was also lower, dropping 13 cents to $13.36 per troy ounce, while January platinum fell $14.60 to $1,373.20 per troy ounce and December palladium was $4.65 lower to $364.85 per troy ounce.
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