Gold dropped in New York on concern more declines in the stock market may force investors to sell the metal to raise cash
Gold dropped in New York on concern more declines in the stock market may force investors to sell the metal to raise cash.
Gold last week fell 2.2 percent as the Dow Jones Industrial Average tumbled 1.2 percent. U.S. stocks today fell for the first time in six sessions on concern a housing slump may hamper economic growth. Gold is still up 4.8 percent this year.
``Gold is still trading with the stock market and will continue to go lower until the markets stabilize,'' said Carlos Perez-Santalla, president of Hudson River Futures in New York.
Gold futures for December delivery fell 30 cents to $668.40 an ounce on the Comex division of the New York Mercantile Exchange. The price earlier rose as much as 0.8 percent and fell as much as 0.2 percent.
Gold for immediate delivery dropped $1.25, or 0.2 percent, to $659.55, Bloomberg reported.