Significant decline in precious metals prices

Precious metals prices plummeted Monday as the US dollar strengthened and investors took profits.

December gold dropped $27 in New York to close at $807.70 per troy ounce.

While gold fell 3.2 percent on the session for its biggest one-day decline in over a year, it remains 27 percent higher since the beginning of the year.

Silver for December delivery dropped 78 cents to $14.76 per troy ounce, a 5 percent decline on the day.

January platinum was $35.20 lower to $1,390.80 per troy ounce, its lowest in just over a month, while December palladium was down $4 to $372.25 per troy ounce.