Gold Plunged Against Dollar Rebound

Gold futures on the New York Mercantile Exchange?s Comex division tumbled more than $2 an ounce Tuesday on speculative profit taking and bullion bank sales, touched up by the steady U.S. dollar and the commodity markets downdraft through the day.

The most-active February contract settled $2.20 lower at $453.70 per ounce.

Dealers agreed that further price slippage may be seen in gold over the
coming days should the U.S. dollar continue to resist further weakness and more speculators move to secure profits.