Gold Drops 1.5 Percent on PFGBest Account Freeze

Reuters reported that gold dropped by about 1.5 percent after investors began selling on the announcement that PFGBest is missing $220 million in customer funds.

As quoted in the market news:

Spot gold dropped 1.3 percent to $1,565.90 an ounce on the day by 3:25 p.m. EDT (1925 GMT), having hit a session high of $1,600.90 earlier in the day.

U.S. COMEX August gold futures settled down $9.30 at $1,579.80 an ounce. Trading volume was one of the busiest in recent days, even though it was still 15 percent below its 30-day average, preliminary Reuters data showed.

Click here to read the full Reuters report.