Gold falls 1.1 percent on New York session
by Elaine Frei
Precious metals were mixed in New York on Monday as gold prices were lower on profit-taking after recent gains to 27-year highs.
December gold dropped $9 to $778 per troy ounce by the close of floor trade, adding another 1.1 percent in declines to the 5.7 percent price drop last week.
The decline came as equities markets were lower and investors backed away from anything that seemed risky, including commodities.
Additionally, price volatility reduced demand.
Still, there were predictions that gold prices could climb to as high as $1,000 per troy ounce by next year if the US dollar remains weak and oil prices continue to increase.
December silver was also lower, falling 35 cents to $14.16 per troy ounce, but January platinum added $3.90 to $1,457.10 per troy ounce.
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