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.
Related posts to: Gold falls 1.1 percent on New York session
Gold falls on easing inflation fears ...
Platinum falls more than $40 in New York ...
Copper falls back from early gains ...
Gold drops $17 on session ...
Gold falls on session, ends year higher ...
Latest Metals News:
Gold ends session lower in New York, but gains on week Gold prices retreat after setting new intraday high Gold closes at $1,666 per ounce in New York trade Gold prices at new records on disappointing US data Gold prices lower but comes off session lows on manufacturing data Gold sets new intraday, closing highs to end trading week in New York Copper rises; precious metals prices see declines Gold prices drop on profit-taking, stronger US dollar $1,616.80 per troy ounce: Another record high for gold Gold trades as high as $1,624.30 per ounce in New YorkPrevious: « Zimbabwe to transfer shareholdings of foreign miners
Next: Base metals lower on demand, economy concerns »
Visited 1477 times, 2 so far today