Gold price dropped as investors sold the metal to cover losses in global equity markets
Gold price dropped as investors sold the metal to cover losses in global equity markets.
Gold is little changed this year after gaining as much as 8.5 percent. Prices fell 6.2 percent last week following a global sell-off of equities wiped out $1.8 trillion in world market value. Investors who own gold in StreetTracks Gold Trust, an exchange-traded fund, sold about $617 million last week.
Gold futures for April delivery fell $2.90 or 0.5 percent, to $641.20 an ounce at 12:21 p.m. on the Comex division of the New York Mercantile Exchange. Prices earlier declined to $635.10, dropping for the fifth session in a row, the longest slump since mid-September.