Low Crude and Grain Prices Bring Gold Down

CNBC reported that gold dropped from its seven-month high due to profit taking caused by low crude and grain prices. The metal’s volatility may build leading up to Tuesday’s US COMEX gold option expiration.

As quoted in the market news:

Spot gold was down 0.6 percent at $1,762.20 an ounce by 2:11 p.m. EDT (1811 GMT). On Friday, gold hit a high of $1,787.20, just short of this year’s peak of $1,790.30 reached on February 29.

U.S. COMEX gold futures for December delivery settled down $13.40 an ounce at $1,764.60. Trading volume totaled around 150,000 lots, in line with its 30-day average, preliminary Reuters data showed.

Click here to read the full CNBC report.