Gold drops over $27 per ounce

Precious metals prices fell substantially on Thursday after the US dollar showed gains in relation to the euro.

December gold was $27.40 lower at $787.30 per troy ounce and went as low as $784 per troy ounce earlier in the session.

Gold’s declines were also put to drops in the price of crude oil and to profit taking after recent gains.

In addition, some analysts said that the recent volatility in gold prices could be dissuading some investors from buying.

December silver dropped 58 cents to $14.49 per troy ounce while January platinum was down $20.70 to $1,425.40 per troy ounce and December palladium fell $2.85 to $370.95 per troy ounce.

Platinum and palladium both remained higher on the year so far, however, with platinum up 25 percent since January and palladium still 9.6 percent higher.