Gold News & Info

Source: MarketWatch

San Francisco— Gold futures dropped nearly $14 an ounce Tuesday, giving up gains made in the previous session as other metal futures registered steep losses. Silver, platinum and copper futures all tumbled 4% or more. "Gold and commodities as a whole are continuing their almost-perfect correlation to the stock market," said Zachary Oxman, senior trader at Wisdom Financial. "The trade now, if you believe the market is due to fall further, is surprisingly short gold."

Gold for December delivery dropped $13.70, or 1.8%, to close at $732.80 an ounce in electronic trading on Globex. It touched a low of $725.50 earlier, its lowest intraday level since Nov. 3. "Grim recessionary statistics continue to roll in from all corners of the world, thus undermining any fledgling rallies," said Edward Meir, an analyst at MF Global, in a research note. See full story.